Oil Slump and Sanctions Cost Russia 140 Billion a Year

12/1/2014 6:32:03 AM

(MENAFN- Qatar News Agency) Moscow November 25 (QNA) - Russia is on course to lose $130-140 billion annually due to Western sanctions and falling oil prices Russian Finance Minister Anton Siluanov said.

Speaking at an economic forum in Moscow Siluanov signaled that slumping oil prices are a more serious challenge for Russia than Western punitive measures over Ukraine.

"We're losing around $40 billion a year because of geopolitical sanctions and about $90 billion to $100 billion from oil prices falling by 30 percent" he told a news conference.

The United States and the European Union have imposed several rounds of sanctions against Russia for its role in the conflict in Ukraine accusing Moscow of fueling a separatist uprising in the county's east which to date has claimed more than 4300 lives. Russia denies involvement. (QNA)

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