U.S. and European sanctions against Russia’s energy and finance sectors are strong enough to cause deep, long-lasting damage within months unless Moscow persuades the West to repeal them by withdrawing support for Ukrainian insurgents.
The U.S. and European Union released details Wednesday of new sanctions aimed at hurting Russia’s economy without doing undue damage to their own trade interests, punishment for alleged Russian support for Ukrainian rebels and Russia’s annexation of the Ukrainian peninsula of Crimea.
“State-owned banks are the core of the Russian banking system,” said Vladimir Tikhomirov, chief economist at financial services group BCS. …read more
Source: San Francisco Chronicle
