Russia able to withstand EU's toughest sanctions scenario

Russia able to withstand EU's toughest sanctions scenario

Russia’s Economic Development Ministry has drafted three variants of forecasts of the country’s economic development in case sectorial sanctions are imposed against Moscow over the situation in Ukraine, Russian Economic Development Minister Alexei Ulyukayev said Saturday.

"We have developed three variants which differ by the degree of toughness. The first variant includes luxury articles, caviar, furs, the second one is tougher and the third one includes the entire complex - metals, fertilizers, oil, gas and so on, taking into account the factors of price and volume," Ulyukayev said.

Alexei Ulyukayev

"The economy is able to withstand such a scenario. Of course, economic growth rates are going seriously below zero. The rates of investments are even more negative, revenues dwindle, inflation grows, government reserves shrink," he said during the Vesti v Subbotu program on the Rossiya 1 TV channel. "But the development of events is not dramatic on the whole," Ulyukayev said, TASS reports.

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