Russia’s Finance Minister said the combined cost of western sanctions and the recent fall in world oil prices to Russia’s economy this year would be a massive $140 billion.
“We will lose around $40 billion a year because of sanctions, and around $90-100 billion a year, if we assume a 30% drop in the price of oil,” Anton Siluanov told a conference in Moscow Monday, according to news agency reports.
Siluanov’s comments go against the grain of bravado from President Vladimir Putin and foreign minister Sergey Lavrov, both of whom have repeatedly tried to play down the impact of U.S. and E.U. …read more
Source: Time
