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EU sanctions fail to cause collapse of Russian economy — Chizhov

August 01, 2014, 15:23 UTC+3 ) - The Russian economy will not collapse on EU sanctions
Russia's permanent representative to the EU also noted that western sanctions on Russia would hardly help resolve the crisis in eastern Ukraine
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Russia's Permanent Representative to the EU Vladimir Chizhov

Russia's Permanent Representative to the EU Vladimir Chizhov

© ITAR-TASS/Grigory Sysoyev

MOSCOW, August 01. /ITAR-TASS/. The Russian economy will not collapse on EU sanctions, Russia's Permanent Representative to the EU Vladimir Chizhov said on Friday.

“The banking sector will face certain difficulties, we'll have to revise terms of some projects, including those with European participation,” he said commenting on the sectoral sanctions imposed by the European Union July 31. “But the Russian economy has sufficient resources to tackle these problems.” The sanctions would also inflict a severe damage on the European economy, he added.

Vladimir Chizhov also noted that western sanctions on Russia would hardly help resolve the crisis in eastern Ukraine. He described the sanctions as a “shot off target”.

“If the EU does try to impose punitive sanctions on its companies for violation of sanctions, this will backfire.”

The diplomat added that the sanctions were at variance with WTO rules and that Russia would insist on their lifting through the organization.

“The recently imposed sanctions need a legal analysis. But, at first glance, they are contrary to WTO rules,” Chizhov emphasized.

“I think Russia without hesitation will insist on a WTO inquiry with the aim to lift them,” the diplomat added.

Vladimir Chizhov expressed an opinion that it was difficult to overcome the feeling that the accusations of the INF Treaty violation against Russia and decisions on the Yukos case coincided in time “not accidentally”.

“Anyway, the issue of observing the INF (Intermediate-Range Nuclear Forces) Treaty is not new,” the diplomat said. “It’s been the subject of our dialogue with the United States for a certain period of time.” “We have our own set of claims to the United States, which violates a number of parameters of this treaty,” Chizhov said.

EU sectoral sanctions on Russia came into force on Friday. In particular, they affected five Russian banks - Sberbank, VTB, Gazprombank, Russian Agricultural Bank and VEB. European residents are now prohibited from giving the banks medium-and long-term lending. The banks’ foreign subsidiaries registered in the EU are exempt from sanctions.

The package also includes a ban on export of dual-purpose goods and technologies to Russia, except space technologies not linked to military developments.

 

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