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Central Bank Reveals Why New US Sanctions to Have Less Effect on Russian Economy

© Sputnik / Evgeny Biyatov / Go to the mediabankCentral Bank of Russia
Central Bank of Russia - Sputnik International
MOSCOW (Sputnik) - It is expected that the impact of possible new US sanctions on Russia's economy will be smaller than it was in 2014-2015, the Bank of Russia’s Director of Research and Forecasting Department, Alexander Morozov, said Tuesday.

"We are not willing to argue that all the negative effects [of possible new sanctions], which we may face, will affect us in a painless manner, and that it will not have any impact on the Russian economy. This is certainly not the case. But the effect cannot be overestimated since in most of the scenarios it will be much less than the one we observed in 2014-2015," Morozov said at a financial forum.

Earlier in November, the US State Department said Washington intended to impose a new round of sanctions on Russia.

READ MORE: State Dept Considers Second Round of Sanctions Against Russia Over Skripal Case

The comment refers to a new wave of punitive measures, announced by the US on August 24 under the Chemical and Biological Weapons Control and Warfare Elimination Act of 1991 following the March attack on former Russian intelligence agent Sergei Skripal in the UK town of Salisbury, which London blamed on Moscow. The sanctions targeted Russian state-owned banks, specifically Sberbank, VTB, Gazprombank, Rosselkhozbank, Promsvyazbank and VEB.RF Corporation (formerly Vnesheconombank).

Reacting to the US accusations and sanctions, Moscow has denied all allegations of its involvement in the Skripal affair.

READ MORE: US Congress Likely to Postpone New Russia Sanctions Until 2019 — Reports

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