Russia is losing around $40 billion a year due to Western sanctions, but they are not as critical to the economy as lower oil prices, which add $90-100 billion in losses, says Russian Finance Minister Anton Siluanov.
The modern world is interdependent and there is no guarantee that sanctions, a sharp fall in oil prices, or the depreciation of the ruble won’t backfire on those who provoked it, says Russian President Vladimir Putin.
Russia’s largest hydroelectric company RusHydro says it is looking for an Asian buyer for its share of a loss-making energy distribution business in the Far East. Media reports say Chinese company Sanxia is a likely candidate.
If OPEC fails to take a unified approach on stabilizing oil prices the global economy will be the biggest winner because oil prices will continue to fall, Fred Beach, of the University of Texas at Austin, told RT.
Hungary plans to break ground next year on its stretch of the South Stream pipeline to send natural gas from Russia to Europe. It is in defiance of EU and US calls to halt the project over frosty relations with Moscow.
The current economic situation in Russia can’t be compared to the time before the global economic crisis in 2008, when Russia’s GDP contracted 7.8 percent, says Russia’s Finance Minister Anton Siluanov.
The history of sanctions shows that they are useless and harm the economy, so there is no reason to put them on Russia and the other way around, Marcus Pretzell, a German MEP from the Alternative for Germany party, told RT.