Russia extends counter-sanctions against US, EU & allies through 2020
The document which was published on Russia’s official portal of legal information, reads: “To extend from January 1 to December 31, 2020 the operation of certain special economic measures stipulated by the presidential decree of August 6, 2014.”Also on rt.com Sanctions cost European economies $240 billion while Russia lost $50 billion – Putin
Five years ago, the Kremlin banned imports of certain agricultural products, raw materials and foodstuffs from Western countries that target Russia with sanctions. They include the United States, the European Union, Canada, Australia, Norway, Iceland, Albania, Montenegro, Liechtenstein, and Ukraine.
The embargo came in response to US and EU economic sanctions over Moscow’s reunification with Crimea and alleged involvement in the military conflict in eastern Ukraine. The restrictions targeted finance, energy and defense sectors of the Russian economy.
Mutual sanctions have been prolonged and extended since then, despite proving ineffective and harmful to the sides. On Thursday, the European Union extended economic sanctions against Russia for another year.Also on rt.com Russia says it’s business as usual, EU sanctions extension changes nothing
Talking about the sanctions during his annual Direct Line Q&A session last week, Putin said Western economic restrictions have deprived the Russian economy of $50 billion while the EU has lost $240 billion.
He pointed out that Russia has managed to benefit from Western economic pressure as it started phasing out imports and replacing them with domestically made products, even in sectors in which it did not have any experience.
For more stories on economy & finance visit RT's business section