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Western sanctions and the fall of oil prices during the period of 2014-2017 will cost Russia $600 billion, Russian media reported Friday.
The sanctions imposed against Russia by the US and the EU due its activities in Ukraine will cost around $170 billion, while the drop in oil prices will cost some $400 billion, Russian daily Vedemosti reported citing a research by Economic Expert Group lead by Evsei Gurvich and Ilya Prilepsky.
The sanctions prohibited Russian companies鈥� access to western financial institutions while Russian energy companies were also banned from importing western high-tech oil equipment needed to access new oil fields.
While Russia also heavily depends on oil export revenues for its budget, which have lost more more than 50 percent of its value since 2014.
The research also stressed that capital outflow in the country during the same period would amount to $280 billion, which $85 billion of this amount would be direct investment.
鈥淪anctions affect the flow of capital, regardless of oil prices, but with its fall their effect increases, and vice versa,鈥� the research noted.
It was also pointed out that the loss of economic growth during the same period would be 8.4 percent, or an average of 2.1 percent points per year.
By Emre Gurkan Abay reporting from Moscow
Anadolu Agency
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