MOSCOW, November 24 (Sputnik) – 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.
15 November 2014, 14:02 GMT
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, the Russian ruble has fallen approximately 23 percent against US dollar in the past three months.
