New US Sanctions To Have Lesser Effect On Russian Economy Than In 2014-2015 - Central Bank

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.

MOSCOW (UrduPoint News / Sputnik - 20th November, 2018) 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 scenarios it will be much less than the one we observed in 2014-2015," Morozov said at a financial forum.

On August 24, the United States announced that it was imposing sanctions on Russia under the Chemical and Biological Weapons Control and Warfare Elimination Act of 1991 following the March attack on former Russian spy Sergei Skripal in the UK town of Salisbury, which London accused Moscow of. The sanctions targeted Russian state-owned banks, specifically Sberbank, VTB, Gazprombank, Rosselkhozbank, Promsvyazbank and VEB.RF Corporation (formerly Vnesheconombank).

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

Moscow has denied all allegations of its involvement in the Skripal affair.