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Russian industry may suffer $20 bln damages due to sanctions — Ministry of Industry

August 11, 2015, 10:21 UTC+3 MOSCOW
Sanctions against Russia are largely aimed against such sectors as oil and gas and defense technology
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© TASS/Sergei Fadeichev

MOSCOW, August 11. /TASS/. Damages of the national industry due to the anti-Russian sanctions may amount to $20 bln, Acting Minister of Industry and Trade Gleb Nikitin said on Tuesday in an interview with the RBC TV channel.

"Damages [to the industry] may amount up to $20 bln in connection with higher cost of refinancing on the domestic market and failure to receive refinancing for the relevant loans overseas," Nikitin said.

Sanctions against Russia are largely aimed against such sectors as oil and gas and defense technology, the Acting Minister said. Exactly these sectors demonstrate a small growth despite the recession. "All tasks set earlier within the framework of these sectors are delivered in full scope," Nikitin added.

Russian industry changes from recession to stagnation

The Russian industry passed the peak of negative expectations, Gleb Nikitin went on to say.

"Nearly all branches of industry, for example, the chemical segment, demonstrated growth in June 2015, with the probable exception of a range of sectors not affected by the recession. We saw growth vs. May in all other sectors. This means the prior month level is kept net of the seasonal factor. The peak of negative expectations and the peak of problems were passed in this sense unless certain additional external shocks and impacts appear," the Acting Minister said.

The upward trend of bankruptcies continued in the first quarter of 2015 but has slowed down recently, Nikitin said. "We do not notice a large-scale shutdown of plants," he added.

At the same time, it is still early to relax, Nikitin said. "We are working on the anti-crisis measures for the next half of the year," he added.

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