Russia to lose $40bn a year due to sanctions

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Russian President, Vladimir Putin

Russian President, Vladimir Putin
Russian President, Vladimir Putin

Russia is set to lose around $40 billion per year due to Western sanctions over Ukraine, Finance Minister Anton Siluanov said Monday.

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“We are losing around $40 billion per year due to geopolitical sanctions and we are losing some $90 to $100 billion per year due to oil prices falling 30 per cent,” Siluanov said in a speech at an economic forum in Moscow, quoted by RIA Novosti news agency.

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