Russia’s sanctions against Ukraine to have more political than economic effect — experts

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KIEV, November 1. /TASS/. The counter-measures against Ukraine approved by the Russian government will most likely produce a negative political rather than an adverse economic effect, expert and former Ukrainian Economy Minister Viktor Suslov told TASS on Thursday.

“The sanctions are most likely aimed more against individuals from this list than against companies. I presume that the sanctions’ effect will most likely be political and negative [for Ukraine],” the expert said, adding that in his opinion there were “too many random people” in the sanctions list.

The Ukrainian ex-economy minister stressed he had been and remained an opponent of the sanctions Ukraine had imposed against Russia because “any sanctions that affect trade and economic relations always harm both sides.”

“But all the same it is clear that they are bringing the countries further apart from each other and they are pushing towards unleashing a certain further propagandistic anti-Russian campaign, which is already taking place,” he added.

Meanwhile, financial expert Alexei Kushch has said he believes that “Ukraine’s direct economic losses won’t be disastrous” from the Russian counter-sanctions.

“Notionally, we may lose up to a half a billion of US dollars of our annual exports to Russia,” he told the Ukrainian media outlet Apostrophe.

The expert also said he believed that Russia’s counter-sanctions would have more political than economic effect. In the expert’s opinion, Russia’s counter-measures have “dealt a blow to the existing political Establishment of Ukraine” and generally this was an expected move.

On November 1, Russian Prime Minister Dmitry Medvedev signed a government order implementing a presidential decree aimed at introducing “economic restrictions following Ukraine’s unfriendly actions towards Russian individuals and companies.”

The document imposes restrictions on 322 Ukrainian individuals and 68 companies. The Cabinet’s press service stressed that “the Russian government reserves the right to remove these special economic restrictions in case Ukraine lifts sanctions imposed on Russian citizens and entities.”

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