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Compensating losses caused by foreign sanctions not to hurt budget - Finance Minister

October 10, 2014, 13:34 UTC+3 WASHINGTON

The compensations are not usually done in full and are not likely to influence the federal budget, Russian Finance Minister Anton Siluanov says

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WASHINGTON, October 10. /TASS/. The bill on compensating losses of Russian citizens and companies incurred due to the Western sanctions will not hurt the federal budget, Finance Minister Anton Siluanov told reporters Friday.

“We do not think the law’s implementation will somehow affect the federal budget,” Siluanov said, pointing out that the compensations from the budget are not usually done in full. “It could be part of losses incurred by the complainant. As practice shows, the sum is not a significant one.”

Under the draft bill, approved by the State Duma, the parliament’s lower house, in the first reading, a Russian citizen or a company, who suffered as a result of a decision of a foreign court, will be compensated at home from the budget, while Russia receives the right to demand compensation from the country whose court made the decision.

On October 2, Economic Development Minister Alexey Ulyukayev said he is against the bill, as there is no better way of spurring capital outflow from the country like approving such bills.

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