Sanctions
leveled on Russia have pushed the country toward becoming a closed
economy, a status the country is ill-equipped to handle, a senior
Treasury official said on Friday.
"The
economic consequences Russia is facing are severe: high inflation that
will only get higher, and deep recession that will only get deeper," the
official told reporters during a conference call.
Among other steps, Western powers have frozen about half of Russia's foreign reserves, banned certain Russian banks
from the high security SWIFT banking network and blocked exports of key
technology to Russia. States has also prohibited the import
of Russian oil, natural gas and petroleum products.
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