UPDATE: PM: Govt to support large companies in case of sanctions

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MOSCOW, Nov 7 (PRIME) -- The Russian government will support select large companies if fresh sanctions are introduced against them, Prime Minister Dmitry Medvedev told reporters on Wednesday.

“I have repeatedly commented on sanctions against our country, I have nothing to add here. We have got used to various restrictions… That is why nothing dramatic will happen, I am sure… but it will force us to make some decisions to support select companies, large companies if they are under such sanctions,” he said.

On Tuesday, The U.S. Department of State spokeswoman Heather Nauert said that the U.S. would act in line with the law envisaging introduction of new anti-Russian sanctions as the country had not fulfilled Washington’s requirements under the Skripal case.

In August, the U.S. sanctions over Moscow’s alleged involvement in the March poisoning of the Skripal family in the U.K. came into force. The second package of sanctions that can affect the domestic state banks may be introduced in November.

Medvedev also said that the policy of sanctions and trade restrictions is a “time bomb” for the World Trade Organization (WTO).

Deputy Finance Minister Sergei Storchak said that Russia will be able to weather sanctions against its state debt thanks to national investors and that the government’s reserves will help cope with a budget deficit.

Storchak added that Russia will contest the U.S. sanctions in international institutions.

The Moscow Exchange CFO Maxim Lapin said on Wednesday that the stock exchange has fulfilled stress tests in preparation for tough sanctions and created a “security cushion” for the National Clearing Center.

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