The Ministry of Economics is preparing measures to reduce the impact of sanctions

by time news

The Ministry of Economic Development, together with interested departments, is considering additional measures that will help reduce the impact of sanctions, a spokesman for the ministry told reporters.

“We understand that the sanctions pressure we have faced since 2014 will now intensify. The rhetoric of some foreign colleagues was such that we have long been preparing for potential new sanctions,” the press release says.

Restrictive measures come from those countries that have already introduced them, the representative notes: “Therefore, we will increase trade and economic ties with other countries, primarily with Asian countries.” In addition, the Eurasian Economic Union has potential, and the ministry will also continue to develop integration along this line.

“We have been living under sanctions for a long time, we have adapted to them and found effective response solutions that at the same time helped us strengthen our economy,” the Ministry of Economy notes. The economic development of the country, responses to challenges, including restrictive measures, are part of the systemic work of the government, the representative recalled.

Today, the Russian economy is an order of magnitude more stable than in 2014, according to the Ministry of Economics, which is recognized by various international financial institutions. Additional stability to the economy comes from a robust macroeconomic policy framework, which also results in low government debt and international reserves, a spokesman for the ministry said.

On the evening of February 24, tough sanctions against Russia were announced by the United States, Canada and the United Kingdom. According to a report published by the US Treasury, VTB, FC Otkritie, Novikombank and one private bank, Sovcombank, fell under blocking sanctions. This means freezing their US assets and banning all US companies from working with them. VTB came under similar sanctions from the UK.

The Bank of Russia and the government will provide any necessary support to banks that have fallen under the sanctions of Western states, a representative of the regulator later said.

Earlier, the United States introduced measures against public debt, development institutions, in particular VEB.RF, which unites them, a number of Russian commercial banks, the Nord Stream 2 gas pipeline, and some personalities.

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