Russia threatens to redirect power supplies to new markets

(MENAFN) On Wednesday, Finance Minister Anton Siluanov noted that restrictions imposed by Western countries against the Russian economy could lead to increased market instability. Nevertheless, the nation will have the capacity to bear sanctions due to its huge reserve.

Restrictions targeting Russian banks would be “unpleasant” as Siluanov reported, however, the government will ensure the security of all deposits and transactions, containing international currencies.

Siluanov told reporters: “Thank God we have enough cash and foreign exchange reserves. They say we have a financial shield in the form of gold and currency reserves, budget surpluses and [budget] rule, low indebtedness.

The finance minister mentioned that if the latest restrictions hurt Russian energy companies, Russia would be ready to change the route of its supplies to different markets.


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Rosemary C. Kearney