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Sanctions against Russia could backfire, Putin warns
November 15, 2014 - 20:47 AMT
PanARMENIAN.Net - Russian President Vladimir Putin has warned that
Western sanctions against his country could backfire.
The Associated Press reports that speaking in an interview with German
ARD television broadcast Saturday, Nov 15, as he was attending the
Group of 20 summit in Brisbane, Australia, Putin said that cutting
Russian access to capital markets would hurt Western exports.
"If the resources of our financial institutions are cut off, they can
extend fewer loans to the Russian companies that work with German
partners," he said. "Sooner or later, it will begin to affect you as
much as us."
He also said the sanctions could hurt some Russian banks, leading them
to demand repayment of multibillion loans they have given to Ukraine,
damaging its economy. Putin cited Russia's state-controlled
Gazprombank, which he said issued loans worth $3.2 billion to Ukraine
before being hurt by Western sanctions that barred it from borrowing
in capital markets.
Putin acknowledged that the sanctions have hurt the Russian economy,
but sought to put a brave face to that, saying that the Western
punishment would encourage Russia to ease its dependence on oil and
gas exports.
"The comfortable life, when all we had to do was produce more oil and
gas, and to buy everything else, is a thing of the past," Putin said.
"Now we must think about producing goods ourselves, not just oil and
gas."
He voiced hope that the Ukrainian crisis will end and Russia-West ties
will improve, adding: "We want to have normal relations with our
partners, including in the United States and Europe."
November 15, 2014 - 20:47 AMT
PanARMENIAN.Net - Russian President Vladimir Putin has warned that
Western sanctions against his country could backfire.
The Associated Press reports that speaking in an interview with German
ARD television broadcast Saturday, Nov 15, as he was attending the
Group of 20 summit in Brisbane, Australia, Putin said that cutting
Russian access to capital markets would hurt Western exports.
"If the resources of our financial institutions are cut off, they can
extend fewer loans to the Russian companies that work with German
partners," he said. "Sooner or later, it will begin to affect you as
much as us."
He also said the sanctions could hurt some Russian banks, leading them
to demand repayment of multibillion loans they have given to Ukraine,
damaging its economy. Putin cited Russia's state-controlled
Gazprombank, which he said issued loans worth $3.2 billion to Ukraine
before being hurt by Western sanctions that barred it from borrowing
in capital markets.
Putin acknowledged that the sanctions have hurt the Russian economy,
but sought to put a brave face to that, saying that the Western
punishment would encourage Russia to ease its dependence on oil and
gas exports.
"The comfortable life, when all we had to do was produce more oil and
gas, and to buy everything else, is a thing of the past," Putin said.
"Now we must think about producing goods ourselves, not just oil and
gas."
He voiced hope that the Ukrainian crisis will end and Russia-West ties
will improve, adding: "We want to have normal relations with our
partners, including in the United States and Europe."