Western sanctions will have a negligible effect on the Russian economy this year, after a “one-off” blow last year, but long-term effects will also hurt, the US says.
The sanctions, imposed by the EU and US in mid-2014, prompted the Russian economy to contract by 1 to 1.5 percent more than it would have done in 2015, a State Department official told press in Brussels on Tuesday (12 January).
They also led international investors to write down the vaue of Russian assets by some 1...
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Andrew Rettman is EUobserver's foreign editor, writing about foreign and security issues since 2005. He is Polish, but grew up in the UK, and lives in Brussels. He has also written for The Guardian, The Times of London, and Intelligence Online.