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Sanctions will badly squeeze Russian economy: ex-Putin aide

Published on Mar 14, 2014 10:44 PM
 
A former Russian finance minister and one-time close confidante of Vladimir Putin said the country's already-troubled economy could be in serious difficulty if the West imposes sanctions over Crimea. -- FILE PHOTO: REUTERS

MOSCOW (AFP) - A former Russian finance minister and one-time close confidante of Vladimir Putin said the country's already-troubled economy could be in serious difficulty if the West imposes sanctions over Crimea.

Mr Alexei Kudrin, who remains well-respected in business circles despite being fired from his post in 2011, said the knock-on effects of Russia's apparent annexation of the Ukrainian peninsula were already being felt.

"I can already say that the credit taps for Russia are being turned off," he said.

"Russian companies have around US$700 billion (S$885 billion)-worth of outstanding loans.

 
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