Kremlin: Russia lost over 6 billion dollars due to sanctions

Russian export companies lost 6,300 billion dollars due to economic sanctions from the West, reports Russian news agency Interfax, citing a report by the Ministry of Economic Development of Russia. This figure is based on the department's experts’ data collected at the end of 2018. 

The report notes that the European Union is a leader in the number of restrictive measures in respect of Russian goods. It has implemented exactly twenty-five sanctions. In the second place is Ukraine, which approved twenty-two sanctions, and in the third place, with sixteen restrictive measures, is India. The United States is not even included in the top five as the country imposed only nine sanctions that affect Russian exporters, reports Radio Liberty’s Russian service

At the same time, the U.S. sanctions caused the exporters substantial financial damage estimated by the Ministry of Economic Development at $ 1.1 billion. More than two and a half billion more damage was caused to Russian producers by measures imposed by the EU. 

The metallurgical industry (almost $ 4 billion loss) and agriculture, with an estimated damage of almost a billion dollars, are among the most affected types industry. 

At the end of 2018, in total 62 countries applied sanctions on Russian goods. The total number of restrictive measures is 159. 

As previously reported, the United States and the European Union are preparing new sanctions against Russia, due to the seizure of Ukrainian ships and military personnel near the Crimean coast. 

Earlier, the survey of economists and financial analysts conducted by Reuters showed that in 2019, due to new Western sanctions Russia will undergo economic slowdown and inflation growth, weakening the currency and planned tax increases. By the end of 2019, inflation is expected to accelerate to 5%.

  Russia, USA, Ukraine, EU, Crimea