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“Western sanctions have a serious indirect effect on the Russian economy but have no direct impact, for instance, on equipment supplies,” Storchak believes.
The sanctions’ effect intensified as they came at the time of the Russian economic decline, Storchak said. Economic stimulation measures played a role in the previous years but by late 2012 it had become obvious there was a need for new approaches, he added.
Meanwhile, sectoral sanctions will require more serious resistance measures as potential sanctions against major banks and financial sector will lead to difficulties with money transfers, Stochak believes.
At the same time, the sanctions stoked discussion about new mechanisms for settlements between different jurisdictions, Storchak said, one of the reasons being the developing countries’ wish to make more active use of the national currencies in international payments.