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Moscow won’t exclude sanctions to counter US and EU – Ministry
Russia is ready to retaliate with counter sanctions against the EU and US if they go ahead with economic measures against Russia over tension in Crimea, the Russian Economic Ministry has said.
“We hope that there will only be targeted political sanctions, and not a broad package affecting economic trade,” Deputy Economic Development Minister Aleksey Likhachev said.
“Our sanctions will be, of course, similar,” he added.
One way Russia plans on shielding itself from pending sanctions is by boosting trade in other currencies, not the US dollar.
“We need to increase trade volume conducted in national currencies. Why, in relation to China, India, Turkey and other countries, should we be negotiating in dollars? Why should we do that? We should sign deals in national currencies- this applies to energy, oil, gas, and everything else,” Aleksey Ulyukaev, the Minister of Economic Development said in an interview with the Vesti 24 TV channel.
The Duma, Russia’s parliament, is drafting legislation to allow Moscow to freeze assets of Western companies and individuals in the event sanctions are imposed following the Crimea referendum vote on March 16. read more…
Merkel: Russia to face massive damage if no progress made on Ukraine
Germany’s Chancellor Angela Merkel has warned that Russia risks “massive political and economic consequences” if it sticks to its position on Ukraine. On behalf of her EU and Western counterparts, she said they support imposing sanctions.
“We would not only see it, also as neighbors of Russia, as a threat. And it would not only change the European Union’s relationship with Russia,” Angela Merkel said. “No, this would also cause massive damage to Russia, economically and politically.” read more…