Posted on 11/24/2014 7:42:17 AM PST by SeekAndFind
Russia is set to lose about $40 billion (32 billion euros) per year due to Western sanctions over the Ukraine conflict, Finance Minister Anton Siluanov said Monday.
"We are losing around $40 billion per year due to geopolitical sanctions and we are losing some $90 to $100 billion per year due to oil prices falling 30 percent," Siluanov said in a speech at an economic forum in Moscow, quoted by RIA Novosti news agency.
Sanctions imposed by the European Union and the US on Russia's economy, which is largely dependent on exports of raw materials, block its access to international capital markets and also to technology.
Russia's Foreign Minister Sergei Lavrov on Saturday accused the West of attempting to achieve "regime change" in Russia through sanctions that aim to destroy the economy and rouse public protests.
President Vladimir Putin suggested Sunday that Russia could experience "catastrophic consequences" from sanctions, the falling oil price and the plunging ruble, while arguing that these would have knock-on effects for other countries.
"The modern world is interdependent. It's far from guaranteed that sanctions, the steep fall in oil prices, and the loss of value of the national currency will lead to negative results or catastrophic consequences only for us," Putin warned in an interview with TASS news agency.
Putin denied he had financial links to the Russian officials and businessmen from his inner circle who were targeted by Western sanctions blacklists.
(Excerpt) Read more at businessinsider.com ...
Just putting a new tagline in.
A little war might fix that.
Approve Keystone now and put the Soviets out of their misery.
Commies and tyrants always blame others for their problems, usually the “west” or the US.
According to the CIA Factbook, Russia’s GDP was 2.5 trillion in 2013. Would 130 billion be that detrimental to them?
RE: According to the CIA Factbook, Russia’s GDP was 2.5 trillion in 2013. Would 130 billion be that detrimental to them?
That’s over 5% of GDP, I’d say it will start to bite and hard.
Seriously, the cost of putinism and his catamite, sycophant supporters needs to go up to a higher level.
Its almost as much as New York will be spending on free school lunches for illegal alien kids.
Hey Vlad, this kinda puts a sock into your future plans at world domination, doesn’t it?
Be very careful making a nuclear power desperate. They might just decide to push the issue.
Somebody must not have gotten the memo about Russia’s economy, because the leading Russian ETFs have been rising for the past two weeks, on heavy volume, including today.
For example, the Direction Daily Russia Bull ETF (RUSL) has risen 17%, from $8.34 to $9.78 per share, since November 13th. Today alone, the stock is up 2.51%.
Who knows what the future will bring, but we know that the experts don’t.
I think anything bad in terms of news re Putin is Good!
But, I am reminded of some history where FDR turned off Japan’s oil.
Approve shale projects on federal land. Allow sale of LNG to Europe where natural gas prices are higher than the US. This would really put a squeeze on Russian oil and gas revenues.
True, but the Russian government is cold enough to make decisions that make huge cuts to their people, not blink an eye, and simply say "it needed to be done".
How many billion euros do they save by not having to prop up the corrupt Ukie government anymore?
I'll wage the net number is closer to zero.
Even a bit more as these are nominal dollars they are losing and have to be compared to their nominal GDP of ~$2T.
LOL
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.