The Kremlin acknowledges the impact of measures against the Russian economy

“There is a margin of safety, there is potential, there are plans. Active work is being carried out. We will stand up,” the senior Russian official said in statements to the media.

He added that the nation’s authorities have calculated all possible sanctions that could be imposed on the country, from the lightest to the most severe.

The Kremlin media official pointed to the importance of the new economic measures implemented by the state to confront him, and pointed to the hostile nature of the measures taken against him from abroad and the need to reduce risks.

There are certain actions of a hostile nature that attempt to destabilize and undermine the integrity of our economy. Under the circumstances, these measures are being taken that will help reduce risks and consequences.”

According to Peskov, since the restrictions imposed on Russia are unprecedented, the country “must act harshly, deeply and clearly.”

He warned that reality makes it impossible for the time to start the Nord Stream 2 gas pipeline, but he made it clear that the project’s technical and logistical infrastructure is ready and will not go anywhere.

In his opinion, “common sense and economic feasibility clearly speak of the need to start this infrastructure as soon as possible.”

Peskov said the Kremlin hopes that “sooner or later the hysteria will pass” and be replaced by a “sober assessment of the situation.”

Russian President Vladimir Putin signed a decree on February 28 to implement special economic measures due to sanctions, among which is the ban on citizens and companies in the country from transferring currency to accounts abroad.

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It stipulates that Russian residents cannot lend foreign currency to foreigners and that exporters will have to convert 80 percent of their foreign exchange earnings into rubles as of January 1, 2022.

Also, since March 1, Russian residents cannot transfer money to foreign accounts, nor repay loans in banks abroad. On the other hand, companies will be able to redeem the outstanding shares only if certain conditions are met until December 31.

The decree stipulates that the shares must be listed and not decline in value by 20 percent within the three months following the first of February 2022. In addition, the entities will be obligated to notify the Central Bank of their purchase.

After the Russian president announced a military operation in Ukraine on February 24, the West tightened its economic and personal sanctions against the Eurasian state.

The United States, United Kingdom, Canada, Japan, and European Union countries targeted key sectors of Russia’s trade, finance, energy, exports and aviation.

And the unilateral actions extended to the head of state himself and Foreign Minister Sergei Lavrov, as it established the disconnection of some banks from the SWIFT system, the closure of European and other countries’ airspace for their airlines, and the paralysis of air traffic. International reserves. From the Russian Central Bank.

rgh / mml

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