Western sanctions will burden the Russian economy
(Baonghean.vn) - In a report published on July 10, Russian credit rating company ACRA stated that the possibility of the West imposing additional sanctions against Moscow is the main risk to the Russian economy.
 |
| Oil exploitation remains the mainstay of the Russian economy. Photo: Sputnik |
ACRA believes that Western sanctions will burden Russia's oil-dependent economy in the long term, greatly affecting the income of Russian households.
"The expansion of sanctions against Russia remains one of the main risks that the Russian economy may face this year," ACRA said.
The sanctions listed by ACRA could target more Russian businesses, public debt and even cut the country off from the international SWIFT payment system.
Currently, Russia's international reserves, which reached nearly $456 billion at the end of June, "cover all foreign debt, making it difficult to withstand additional sanctions."
The West first imposed economic and financial sanctions on Moscow in 2014, after Russia annexed Crimea and accused it of playing a role in the conflict in Ukraine. Russia then responded by banning a large number of food imports from countries that had sanctioned Moscow.
After that, sanctions against Russia continued to be expanded, putting even greater pressure on the Russian economy and ruble./.
