DAVOS, Jan 25 (PRIME) -- The Western sanctions imposed on Russia are “a bit straining,” but they have provided an impulse for development of the country’s industry, Energy Minister Alexander Novak told reporters late on Wednesday.
“Of course, objectively speaking, they are a bit straining, these sanctions. We have been living in a market economy for the past decade not to interfere in business and so on. And it is obviously annoying when business has to look over its back constantly and think whether new sanctions may be imposed or how it will be interpreted by anyone who looks at the situation,” he said.
“This is why there are disadvantages here from the point of view of investment and moral relations…The sanctions block solutions of global economic problems, we have to understand that. Speaking of Russia, the sanctions have actually allowed us to receive an additional impulse for development of our industry and for redirection of investment flows into loading of our ventures.”
In 2014, relations between Russia and the West deteriorated to their worse since the Cold War due to a military conflict in Ukraine. The West introduced sanctions against some Russian individuals and firms and further against the energy and banking sectors.
In response, Russia limited food imports from some countries. The list included meat, seafood, vegetables, fruit, dairy products. The restrictions are in effect until the end of 2018.
In August 2017, U.S. President Donald Trump signed a bill introducing additional sanctions against Russia, which envisaged that the Congress was to meet within 180 days to discuss restrictions against the country’s sovereign debt. The decision is expected to be released on January 29.
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