Russia Considers US Sanction As Declaration Of Economic War

trumpFollowing the United States new sanctions on Moscow to be effective from August 22, the Russian Government has considered the movement as a “declaration of economic war”.

The US. State Department said that Washington would impose new sanctions on Russia on or around August 22 over the alleged poison attack on ex-Russian spy, Sergei Skripal, and his daughter, Yulia, in the British city of Salisbury in March.

According to the Russian Foreign Ministry, the US. restrictions will possibly include a ban on foreign assistance to Russia and sale of military and dual-use items to the country, as well as renunciation of providing state loans and other financial aid.

State Department officials estimated that the sanctions might affect hundreds of millions of dollars’ worth of exports, dealing a blow to about 70 per cent of the Russian economy.

It might also result in approximately 40 per cent fall in workforce.

Russian Finance Minister, Anton Siluanov attributed the ruble depreciation partly to the new US sanctions.

But he added that the unstable situation on developing markets were also to blame.

In spite the volatility, Kremlin spokesman, Dmitry Peskov said Russia’s financial system was “fairly stable”, adding that it had proved its resilience in difficult times.

Peskove said that Russia’s broader economy was recovering from years of recession.

The Russian federal service for state statistics said on Friday that the country’s GDP grew 1.8 per cent in the second quarter of the year, up from 1.3 per cent in the first three months.


 

Leave your views in comment box below.

Share this

Leave a Reply

Your email address will not be published. Required fields are marked *