Russian Official Says Oil Slump and Sanctions Cost $140 Billion a Year

November 24, 2014 12:19 PM

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Russian Official Says Oil Slump and Sanctions Cost $140 Billion a Year

Russia’s Finance Minister said the combined cost of western sanctions and the recent fall in world oil prices to Russia’s economy this year would be a massive $140 billion.

“We will lose around $40 billion a year because of sanctions, and around $90-100 billion a year, if we assume a 30% drop in the price of oil,” Anton Siluanov told a conference in Moscow Monday, according to news agency reports.

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