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MOSCOW, March 21./ITAR-TASS/. The West’s sanctions against Russia over the situation in Ukraine may negatively affect the price of Russia’s debt securities and increase the cost of borrowings, Russian Finance Minister Anton Siluanov said Friday.
“We will look at our oil and gas revenues. If the situation is like it is now, we will probably have to give up external borrowings and cut domestic ones,” Siluanov told journalists.
“The imposition of sanctions certainly introduces a negative touch to the perception of our country’s economy. This has affected the forecasts of ratings agencies. What will it lead do? It is clear that the price of our securities may change, the cost of borrowings may rise,” the minister said.
Western countries led by the United States imposed sanctions against Russia after the Republic of Crimea, where most residents are Russians, held a referendum on March 16, in which it decided to secede from Ukraine and join Russia, and then signed with Moscow the agreement on Crimea’s accession to Russia on March 18.
Crimea opted for joining Russia after anti-government riots in Ukraine’s capital Kiev and other cities resulted in a coup in February. Crimea refused to recognize the new Ukrainian authorities who took power after President Viktor Yanukovich had to leave Ukraine last month citing security concerns. Russia believes Yanukovich is Ukraine’s legitimate leader.