Politics and agribusiness

July 8 2014, 15:30 Source: APK-Inform Views: 1178

Western sanctions already provide major indirect influence on the economy of Russia

The western sanctions are already having the major indirect effect on the economy of Russia, but their direct impact is not observed yet, declared Sergei Storchak, Deputy Minister of Finance, on July 8.

According to him, the effect of the reporting sanctions strengthened due to the fact that the sanctions were coincident with reduction of the rate of growth of the Russian economy.

S.Storchak added that if the situation develops, and the USA and the EU impose sectoral sanctions, Russia will have to prepare more serious countermeasures. To date the Ministry faces many requests from the Russian enterprises which have good export contracts, to provide insurance of the proceeds from the policy and institutional risks, but not from the counterparty default.


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