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Russian tycoon Usmanov considers sanctions no reason for panic

November 24, 2014, 15:58 UTC+3 MOSCOW

Sanctions became a trend influencing economy greatly, but it is a subjective factor, Russian tycoon Alisher Usmanov, a co-owner of USM Holdings, told CNBC in an interview

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Alisher Usmanov

Alisher Usmanov

© ITAR-TASS/Alexei Nikolsky

MOSCOW, November 24. /TASS/. Russian tycoon Alisher Usmanov, a co-owner of USM Holdings, told CNBC in an interview on Monday that sanctions are not a reason to panic and are a subjective factor.

“The problem of Russia is not only sanctions. Although, it became a trend, which is greatly influencing the economy, I think it’s a subjective factor. Our economy is poorly diversified, and we depend on the energy exports in our economy, and we depend on mining,” Usmanov said.

“We have telecom companies, high tech companies, which have been growing quite well, and they have been conquering markets quite successfully. But today it entails certain subjective difficulties, but there is no panic. And I am not prone to say that there will be panic. Some fears are quite inexplicable, certain reverse activities, certain feedback from Russia on those sanctions and certain response.”

The businessman said that everybody would stick to the international law, agreements and their promises. “Everything will be OK in the end. As a person who could see himself as a Russian citizen, but has been working for years on the US and European markets, I’m sure that it’s in our best interests to live in piece, because there is not bigger global threat,” Usmanov said.

“As a businessman, I’m distant from politics, but I wish for this: the subjective elements, which influence the problems in the world economy, they should all be elevated by our politicians and that is my sincere desire for all of us."

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