Russian Federation: EU Sanctions

Part of Oral Answers to Questions — Foreign and Commonwealth Office – in the House of Commons at 11:30 am on 14th July 2015.

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Photo of David Lidington David Lidington The Minister for Europe 11:30 am, 14th July 2015

Sanctions are having a tangible impact on Russia by exacerbating negative trends in the Russian economy. Russian sovereign debt has been downgraded to junk status by two ratings agencies and forecasters predict that the Russian economy will contract by between 3.5% and 5% during the current year.