Economy Russian Economy Losing $40Bln in Year Over Sanctions, $90-100Bln From Drop in...

Russian Economy Losing $40Bln in Year Over Sanctions, $90-100Bln From Drop in Oil Prices

Russian Finance Minister Anton Siluanov
Russian Finance Minister Anton Siluanov

The Russian economy is losing $40 billion in a year because of western sanctions and another $90-$100 billion because of a 30-percent drop in oil prices, Russian Finance Minister Anton Siluanov said Monday.

“We are losing around $40 billion in a year because of sanctions and another $90 to $100 billion because of a 30-percent drop in oil prices,” Siluanov said during a forum in Moscow.
Over the past few months, the European Union, the United States and their allies have implemented several rounds of sanctions against Russia over its alleged involvement in the Ukrainian crisis — a claim Moscow has repeatedly denied. The sanctions particularly targeted the Russian economy’s defense, energy and banking sectors.
Due to geopolitical tensions and western sanctions, Russia’s economy has recently been showing signs of a minor slowdown. As a result of falling oil prices, Russian ruble has fallen approximately 23 percent against US dollar in the past three months.
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