Putin Warns Sanctions Effects Will be Collateral

Russian President Vladimir Putin warned on Wednesday that U.S. sanctions will take relations with Russia to a “dead end” and damage U.S. business interests in his country.

“Sanctions have a boomerang effect and without any doubt they will push U.S.-Russian relations into a dead end, and cause very serious damage,” he said to reporters on a visit to Brazil.

The U.S. government on Wednesday, because of what it views as Russia’s interference in Ukraine, imposed its most wide-ranging sanctions yet, on key players in the country’s economy, including Gazprombank and Rosneft Oil Co, and other major banks and energy and defense companies.

Putin said he needed to see the details of the sanctions to understand their full scope. But he added that he was sure the sanctions would damage the national interests of the United States in the long run.

“This means that U.S. companies willing to work in Russia will lose their competitiveness next to other global energy companies,” he said.

Putin said the sanctions will hurt Exxon Mobil which has been given the opportunity to operate in Russia.

via CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.