Russia Says Western Sanctions Will Cause Problems But Can Be Solved – What We Know!

Russia Says Western Sanctions Will Cause Problems But Can Be Solved

Ukraine disaster: The economic system ministry mentioned Russia had lived with sanctions for a very long time.

Moscow:

The Kremlin mentioned on Friday that Western sanctions imposed on Russia for its invasion of Ukraine would trigger issues for Moscow, however not insurmountable ones, with Russia set to widen its commerce and financial ties with Asian international locations.

Missiles pounded the Ukrainian capital on Friday as Russian forces pressed their advance and Ukrainian President Volodymyr Zelenskiy pleaded with the worldwide neighborhood to do extra, saying sanctions introduced to date weren’t sufficient.

Kremlin spokesperson Dmitry Peskov declined to touch upon attainable punitive measures towards President Vladimir Putin himself.

He mentioned that Russia had intentionally lowered its dependence on overseas imports to guard itself towards sanctions.

“The principle aim…was to make sure full self-sufficiency and full import substitution if crucial,” mentioned Peskov. “To a big extent this aim has been achieved.”

“Undoubtedly there can be issues, however they won’t be insurmountable.”

The economic system ministry mentioned Russia had lived with sanctions for a very long time and mentioned it could be stepping up commerce and financial ties with Asia to counter the risk emanating from the West.

“We perceive that the sanctions strain we’ve got confronted since 2014 will now intensify,” the ministry mentioned, referring to measures imposed after Russia annexed Crimea from Ukraine.

“The rhetoric of a few of our overseas colleagues was such that we’ve got been prepared for potential new sanctions for a very long time.”

Citi analysts didn’t share Moscow’s optimism, however acknowledged that Russia has robust fundamentals and the sanctions to date don’t straight goal all-important vitality flows.

“Sanctions might have a really important affect,” the financial institution mentioned in a word, warning of contagion in wider markets.

“Fundamentals appear too robust to quick Russian belongings, however dangers from additional sanctions make it a lot too dangerous to think about lengthy positions.”

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