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EU sanctions, Russia’s countersanctions may be extended — minister

May 20, 2016, 12:16 UTC+3

Russia’s Economic Development Minister Aleksey Ulyukayev says Russia will be living under EU sanctions for some more time, and as long as sanctions remain countersanctions will remain as well

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© AP Photo/Christian Lutz, File

SOCHI, May 20. /TASS/. Russia’s Economic Development Minister Aleksey Ulyukayev does not rule out extension of anti-Russia sanctions by the European Union and the countersanctions by the Russian Federation.

"Of course I do not rule out that they will be extended. More than that, I think the chances are slim that the European colleagues will have the required degree of rationality and responsibility though they exist. Probably we’ll be living in this environment for some more time, and as long as sanctions remain countersanctions will remain as well," he said at the Russia-ASEAN summit on Friday.

According to Ulyukayev, the issue of sanctions’ extension will be discussed at the EU summit in end-June while representatives of the EU countries say the decision will depend on estimates of the degree of implementation of the Minsk accords regarding the Ukrainian crisis.

According to the minister,  the country has fully adjusted to western sanctions.

"I think that (Russia - TASS) has fully adjusted," he said.

"Honestly speaking I see no macroeconomic implications at all at the moment," he went on, adding that initially the sanctions negatively affected inflation rates in Russia, also companies were urged to repay their external debts. As of today business has adjusted to the external environment while inflation is almost back to pre-crisis levels.

On March 17, 2014 the United States and Canada imposed first sanctions against Russian persons and companies. The countries of the European Union imposed sectoral sanctions against the Russian financial sector on July 31, 2014.

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