Russian government officials said Thursday that the economy was in “shock” after severe sanctions and the recent withdrawal of many Western companies after the Ukrainian conflict.
“Our economy is currently being shocked and has a negative impact. They will be minimized,” said Kremlin top spokesman Dmitry Peskov. Said Thursday reporter.
Peskov, who himself faces sanctions from the European Union and the United States, reiterated that Moscow could take steps to stabilize the country’s economy during the turmoil. He didn’t elaborate.
“This is absolutely unprecedented. The economic war that has begun against our country has never happened, so it is very difficult to predict anything,” he said. I did.
On Tuesday, President Joe Biden announced that the United States would ban all Russian oil imports, increasing the likelihood of domestic gas prices rising over the Ukrainian war. And on Wednesday, the European Union announced that it would increase sanctions on both Russia and Belarus.
But Washington’s European allies are more dependent on Russia’s oil and gas and are refraining from sanctioning it.
France’s finance minister, Bruno Le Maire, told the Energy Conference that the economic downturn caused by the Ukrainian war should not lead to 1970s-style stagflation, a combination of high inflation and low growth.
More than 160 Russians, including oligarchy, politicians and the Belarusian banking sector, have been licensed by the EU. Said Ursula von der Leyen President of the European Commission.
The EU’s chief diplomat, Josep Borrell, told the European Parliament that the new package includes a travel ban and asset freezes on about 100 Russians at various levels of the government.
Some multinationals have also said they have recently withdrawn from Russia. On Wednesday, Sony PlayStation and Nintendo said they would break the relationship.
“Sony Interactive Entertainment (SIE) is participating in the global community to call for peace in Ukraine,” said Sony. “To support humanitarian aid, Sony Group Corporation has announced a $ 2 million donation to the United Nations High Commissioner for Refugees (UNHCR) and the international NGO Save the Children to help victims of this tragedy. . “
A Nintendo spokesperson also said that “for the time being” all products to Russia will be suspended due to “significant variability surrounding the logistics of physical product shipments and distribution.”
Prior to that, McDonald’s, Starbucks, Coca-Cola, and General Electric said they would withdraw from Russia at least temporarily, including the closure of physical stores.
Reuters contributed to this report.
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Jack Phillips is the latest news reporter for The Epoch Times, based in New York.