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New sanctions against Russia will not be cancelled until March 2015

EU officials have decided to leave the new sanctions against Russia in force until March next year. All restrictions and prohibitions adopted earlier will continue to be in force.

New sanctions against Russia will not be cancelled until March 2015

According to a source in Brussels, earlier Italy put forward the initiative to revise the new sanctions against Russia due to the stabilization of the situation in Donbas. However, the proposal was rejected.

According to the German Minister of Finance, Wolfgang Schäuble, new sanctions against Russia are unlikely to be canceled in the near future. The minister added that if the previously imposed restrictions were not productive in the short term, in the medium term the situation would be different.

It is to be recalled that the sanctions imposed by several states against Russia are one of the main reasons for stagnation of the Russian economy and fall of the Russian ruble.

However, not only sanctions negatively influence the rate of the Russian currency. Thus, the ruble's weakening causes sharp drop in oil prices. Despite this fact, the Russian budget for the next year was adopted. It provides economic reality where the oil price will remain at the level of one hundred dollars a barrel.

Earlier Anton Siluanov, the Russian Minister of Finance stated that the draft budget needs backup since it was made in other economic circumstances.