Russia puts losses from sanctions, cheaper oil at up to $140 billion per year

November 24, 2014 7:51 AM

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Russia puts losses from sanctions, cheaper oil at up to $140 billion per year

MOSCOW (Reuters) - Lower oil prices and Western financial sanctions imposed over the Ukraine crisis will cost Russia around $130-140 billion a year - equivalent to around 7 percent of its economy - Finance Minister Anton Siluanov said on Monday.

His comments are the latest acknowledgement by Russian policymakers that sanctions restricting borrowing abroad by major Russian companies are imposing heavy economic costs. But in Siluanov's view, the fall in oil prices is the bigger worry.

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