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EU, US anti-Russian sanctions hit Ukraine’s economy - Russian diplomat

December 02, 2014, 1:41 UTC+3 GENEVA
He also noted that Russia was offering economic assistance to Ukraine by giving it a considerable gas discount
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GENEVA, December 1. /TASS/. Anti-Russian sanctions imposed by the United States and the European Union hit Ukraine’s economy too, Russia’s Permanent Representative at United Nations office and other international organization in Geneva Alexei Borodavkin said in an interview with the Tribune de Genиve newspaper published on Monday.

When asked what would be Russia’s steps is the United States and Europe further toughened economic sanctions, the Russian diplomat noted that “unilateral sanctions run counter to the spirit and the letter of international law.” They harm not only the one they are aimed at “but their initiators as well, since we are living in a globalized world,” he said.

These sanctions badly hit Ukraine’s economy, which is in a profound crisis. Russian banks offered a large-scale assistance to Ukraine having issued a 25 billion U.S. dollar worth of loans. These banks are now under European and American sanctions. By limiting access to international financial markets for these banks, the West is obviously seeking to have them go bankrupt, but it will send Ukraine’s economy collapsing. “If Russian banks have no access to foreign finance, they will have all the legitimate reasons to demand Ukraine repay before maturity,” Borodavkin said.

He noted that Russia was offering economic assistance to Ukraine by giving it a considerable gas discount. Nonetheless, he stressed Russia was doing its best to reduce its dependence on imports from Europe and the United States.

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