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Russian deputy PM says 17% key rate insurmountable for industries

December 17, 2014, 17:41 UTC+3 MOSCOW
The greatest harm to Russia’s economy results from “our disastrous financial and technological dependence” on the West, Russian Deputy Prime Minister Dmitry Rogozin said
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MOSCOW, December 17. /TASS/. Russia’s Deputy Prime Minister Dmitry Rogozin believes that a key rate of 17%, even of 10%, is “an insurmountable hurdle for Russian industries."

“It is an insurmountable obstacle in the way of industrial development,” Rogozin said on Facebook. “I have long demanded the Ministry of Finance and the Bank of Russia should establish special rules of financing industries under state defense contract programs.”

In response to US Administration’s statement the sanctions were already causing disastrous effects on Russia, Rogozin remarked: “It’s too early for rascals to rejoice.”

He believes that the greatest harm to Russia’s economy results not from sanctions, but from “our disastrous financial and technological dependence” on the West.

Rogozin is certain that there can be no alternative to Russia’s own national financial system and the development of the national industry.

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