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Kremlin says Russia’s economic system has sizable margin of safety

Russian presidential spokesman urges for "calm, rational assessment of the situation" on the market

MOSCOW, April 11. /TASS/. The situation in the Russian economy is exposed to emotional reaction of market participants to changes, but it has a sufficient margin of safety, Presidential spokesman Dmitry Peskov told reporters.

"The current fluctuations are emotional, partly speculative," he said. "A calm, rational assessment of the situation is needed," Peskov said.

"Volatility happens, the system has a fair safety margin," Peskov added.

On April 6, the United States announced imposing new sanctions against a number of Russian officials, businessmen and companies. The list includes Oleg Diripaska, as well as Gazprom CEO Alexey Miller, VTB CEO Andrey Kostin, owner of Renova Viktor Vekselberg, President of Surgutneftegaz Vladimir Bogdanov, Member of Sibur Board of Directors Kirill Shamalov, businessmen Igor Rotenberg and Suleiman Kerimov.

At the same time, the list of companies includes several structures related to Oleg Diripaska - agroholding Kuban, Eurosibenergo, Rusal, Russian Machines and GAZ Group, investment company B-Finance, holdings Basic Element and En+. In addition, Vekselberg's Renova group, Shamalov's Ladoga Management, Russian Financial Corporation (owned by Rosoboronexport, also on the list), NPV Engineering and Arkady Rotenberg’s Gazprom Bureniye were included in the list.

Shares of Russian companies, sovereign bonds and the ruble fell on Monday, reacting to US sanctions. In particular, the ruble-denominated MOEX Russia Index (previously MICEX) decline reached 9.5%, while the dollar-denominated RTS fell by 11.9%.