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Sanctions cost Europe's economy $46 bln — Russian Railways CEO

December 12, 2014, 17:49 UTC+3 MOSCOW

The United States might have to correct its policy towards Russia due to the serious harm brought about by sanctions, says Vladimir Yakunin

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© AP Photo/Michael Probst

MOSCOW, December 12. /TASS/. Sanctions introduced against Russia have brought about considerable harm to European companies and it could force the United States to correct its policy towards Russia, CEO of the RZD Russian Railways state-owned company Vladimir Yakunin told reporters on Friday.

The US is making an attempt to stoke discontent and mass riots inside Russia with the economic sanctions, Yakunin said.

“American masterminds will never see any riots or a next revolution in Russia,” he said. “The people are not the same. And sooner or later [the US] will have to correct its policy as the damage Europe is suffering now can be estimated at $46 billion. It’s direct damage caused by these sanctions.”

He gave an example of the rolling-stock manufacturing in Europe that may happen to find itself in a very complicated situation without Russian orders.

“They are likely to live through the next year but there is no market for 2016,” Yakunin said specifying that major projects on deliveries of locomotives and carriages for the European market are complete.

The United States and then the European Union imposed economic sanctions on Russia over combat actions in Ukraine and Crimea’s reunification with Russia. The US and European companies were banned to promote co-operation with certain Russian companies, banks and private companies owned by blacklisted Russian individuals.

In retaliation, Russia banned imports of some food from the counties that joined the US sanctions.

Infographics Economical sanctions against Russia

Economical sanctions against Russia

The USA, EU, Canada and Australia have introduced sanctions against Russia over its involvement in the Ukrainian crisis. Infographics by ITAR-TASS

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