Sanctions linked to the Ukraine crisis could end up costing Russia 9 percent of its gross domestic product, the International Monetary Fund said on Monday. Russia’s economy is showing signs of stabilization after slumping under pressure from Western financial sanctions and Russian counter-measures.
Low international prices for its oil exports have added to pressure on the ruble and government finances.
“The effects of sanctions in terms of external access to financial markets and new investment technology will linger,” the Fund said, summing up the findings of a mission in May.
Last year Western countries imposed restrictions that limit international financing for major Russian …read more
Source: Voice of America
