NEWSLINK: Russia puts losses from sanctions, cheaper oil at up to $140 billion/year

Anton Siluanov file photo

[“Russia puts losses from sanctions, cheaper oil at up to $140 billion/year” – Reuters – Nov. 24, 2014]

Reuters reports on Russia’s claims about the extent to which Western sanctions and lower oil prices are impacting the Russian economy.

The assertions were made by Russian Finance Minister Anton Siluanov at a Monday press conference.

Lower oil prices and Western financial sanctions imposed over … Ukraine … will cost Russia … $130-140 billion a year — … around 7 percent of its economy — … Siluanov said …Monday.

… the latest acknowledgement by Russian policymakers that sanctions restricting borrowing abroad by major Russian companies are imposing heavy economic costs. But in Siluanov’s view, the fall in oil prices is the bigger worry.

‘We’re losing around $40 billion a year because of geopolitical sanctions, and about $90 billion to $100 billion from oil prices falling by 30 percent’ …

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[featured image is file photo]