The extension of EU sanctions will not harm the Russian economy, the expert said

© RIA Novosti / Vladimir Sergeevicha in fotobanka Russia and the EU. Archival photoThe extension of EU sanctions will not harm the Russian economy, the expert said© RIA Novosti / Vladimir Sergeevicha the image Bank

The intention of the EU to extend sanctions against Russia will not cause the economy an additional damage the government of the Russian Federation is not necessary in response to toughen sanctions against European countries, said the chief economist of «URALSIB» Alexey Devyatov.

A source in EU institutions told reporters on Friday that EU leaders at a summit in Brussels agreed on a political decision to extend sanctions against Russia for another six months.

«I think it is unlikely it will create any additional risks as it was to be expected. Sanctions were imposed for quite some time. And everyone who could of them to suffer has already been suffered,» Devyatov told RIA Novosti.

The expert added that the Russian economy depends on the economy of European countries, so the tightening of sanctions against the EU may lead to unpleasant consequences for our country.

«I think that the government should tighten in response sanctions against the EU, because the problem is that the Russian economy is tightly dependent on the economy of European countries. We depend on them more than they from us, we punish ourselves. I would not recommend it in any way react to it. I think that there will come a day when these sanctions are lifted. The only question is when,» said Devyatov.

The EU imposed restrictive economic measures against Russia in the summer of 2014 on the background of the conflict in Ukraine and later expanded them. The leaders of the countries-EU members in March 2015 tied their action to the full implementation of the Minsk agreements. In December, the Council of the European Union decided to extend economic sanctions against Russia until July 31, 2018. Moscow, repeatedly stressing that it is not a party to domestic conflict or subject of the Minsk agreements, retaliated to European sanctions, has embarked on import substitution.

The extension of EU sanctions will not harm the Russian economy, the expert said© Infografiken sanctions against Russia and retaliatory measures

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