Russian economy resilient in face of sanctions: Kremlin

Moscow: The Russian economy has developed a degree of resilience to Western sanctions after years of operating under such restrictions, Kremlin spokesman Dmitry Peskov said.

“We have been living under a significant number of sanctions for quite some time. Our economy continues to function under a wide range of restrictions. Naturally, we have developed a certain immunity to them,” Peskov told reporters on Wednesday when asked about Russia’s preparedness for possible new sanctions.

His remarks came a day after US President Donald Trump said he was shortening a previously declared 50-day deadline for Russia and Ukraine to reach a truce to just 10 days.

Should talks fail, Trump warned, Washington would impose import tariffs, sanctions, or “something else.”

At the same time, Trump admitted uncertainty about the effectiveness of such measures.

According to earlier media reports, international investors are reportedly downplaying the likelihood and impact of secondary sanctions on Russian energy exports, noting such restrictions could drive up domestic prices in the United States and contradict Trump’s campaign pledge to curb inflation.

Former US National Security Advisor John Bolton has also expressed scepticism over the impact of such threats, questioning their potential effectiveness.

Recently, Russia substantially expanded its entry ban list of representatives of EU institutions and member states, as well as other European countries.

It includes representatives of EU bodies, national authorities of EU countries and other European states involved in politically motivated prosecution of Russian officials for alleged “illegal detentions and deportations from Ukrainian territory,” those supporting the creation of a so-called “tribunal” against the Russian leadership, and advocates of confiscating Russian state assets or redirecting revenues from them to the benefit of Kyiv, according to Russia’s foreign ministry said.

The list also covers individuals responsible for drafting or enforcing anti-Russia sanctions, those attempting to damage Russia’s relations with other states, outspoken Russophobic activists and representatives of the academic community, as well as EU and European Parliament deputies who have voted for anti-Russia resolutions and draft laws, it added.

The list includes members of law enforcement agencies, government and commercial organisations, and citizens of EU member countries and other Western countries responsible for “supplying military aid to Kyiv, facilitating deliveries of dual-purpose products to Ukraine, engaging in activities aimed at undermining Russia’s territorial integrity, or organising blockades against Russian vessels and cargo in the Baltic Sea,” said the ministry in a statement in response to the EU’s 17th and 18th packages of sanctions against Russia.

“Further sanctions-related decisions by the EU will also be met with a timely and appropriate response,” said the ministry.

The Council of the European Union approved the 17th and 18th packages of sanctions on Russia on May 20 and July 18, respectively.

The 18th package of sanctions blacklisted over 50 individuals and entities. The price cap for Russian oil was reduced from $60 to $47.6 per barrel. The EU also banned the import of petroleum products made of Russian oil.

–IANS