Russian Deputy PM Says Sanctions Not Good For Anyone

September 10, 2014 Share Print 0

Economic sanctions against Russia imposed by the E.U. and the U.S. are not good for the global economy, Russian Deputy Prime Minister Arkady Dvorkovich told CNBC on Wednesday.

“Sanctions are not good from any side. Sanctions are not good for [the] U.S. economy… not good for Europe…. and when Europe and the U.S. establish sanctions, they face difficulties as Russia faces difficulties and nobody wants sanctions, that’s clear,” Dvorkovich said on the sidelines of the World Economic Forum in Tianjin, China.

“The global economy is not in good shape even without sanctions.. and the Russia economy was dealing with huge changes during the last few years, including the challenge to diversify and to go away from energy alone,” he added.

On Monday the E.U. formally adopted a package of fresh sanctions against Russia including restrictions on large Russian state-owned oil companies operating in Europe, but said they wouldn’t be enforced yet, to give time to assess whether a cease-fire between Russia and Ukraine – agreed on Friday – would hold.

via CNBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.