Putin ally warns on cost of sanctions [Financial Times]

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March 13, 2014 6:31 pm

Putin ally warns on cost of sanctions

By Courtney Weaver, Jack Farchy and Catherine Belton in Moscow

Russia’s respected former finance minister has delivered a stark warning that the country could soon face capital outflows as high as $50bn a quarter and no economic growth, should western countries press forward with proposed sanctions against Moscow.

Alexei Kudrin, a member of Vladimir Putin’s economic council and longtime ally of the president, said western banks had already begun to cap their credit limits for Russia and stall on planned loans against the backdrop of Moscow and the west’s stand-off over Ukraine.

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