News / Economy

    Western Sanctions Begin to Ripple Through Russian Economy

    A man walks past an information screen on display inside the office of the Moscow Exchange in the Russian capital Moscow, March 14, 2014.
    A man walks past an information screen on display inside the office of the Moscow Exchange in the Russian capital Moscow, March 14, 2014.
    VOA News
    The effect of U.S. and European economic sanctions aimed at Russia's business and political elites is beginning to ripple through the country's economy.

    Two American credit companies, Visa and MasterCard, blocked transactions with their cards Friday at several Moscow banks. The institutions said they were complying with U.S. law after U.S. President Barack Obama imposed new sanctions the day before to protest Russia's annexation of Ukraine's Crimean peninsula.

    Meanwhile, Russia's Finance Minister Anton Siluanov said the introduction of sanctions undoubtedly has had a "negative" impact on international perceptions of the Russian economy. He said that could lead to Russia abandoning plans to borrow $7 billion on international financial markets this year.

    Fitch, an international credit rating company, lowered its outlook for the Russian economy from stable to negative, the same assessment Standard & Poor's made on Thursday. The Russian stock market has fallen more than 10 percent this month as Moscow's dispute with Western nations over its actions in Crimea has escalated.

    But some Russian business executives have downplayed the effect of the U.S. sanctions.

    Russian Railways chief Vladimir Yakunin said he is in "good company" with other close associates of Russian President Vladimir Putin in being targeted by Mr. Obama's sanctions.

    He wrote on his blog, "I cannot hide that I felt flattered."

    You May Like

    Mother of IS Supporter: Son Was Peaceful, 'Role Model'

    Somali-American Abdirizak Mohamed Warsame pleaded guilty Thursday to charges of conspiring to provide material support to Islamic State militants

    Factions Shift as Civilians Die in Syrian War

    Scenario likely only to further confuse military situation on ground and potentially worsen humanitarian crisis that already has grown to epic proportions

    Presidential Hopefuls Woo Minorities, Evangelicals

    Four GOP candidates to speak at forum at Bob Jones University in Greenville, South Carolina

    This forum has been closed.
    Comment Sorting
    Comments
         
    by: Intrepid from: World
    March 23, 2014 10:45 PM
    If the Oligarchs are so wealthy, then they do not need internationally recognized credit cards. On the other hand, it does present a problem booking travel needs without one. They should try American Express.

    by: Expatriate from: Israel
    March 22, 2014 10:29 AM
    In my opinion, it is a great mistake and fallacy to consider Mr.Putin a leader interested in maintaining any stability and integrity of his country. He by no means depends on elections, and he had been appointed to his post by some backstage group of the former soviet nomenclature to act in its interests. At present, the complete preparedness of their parallel oligarchic economics to its independent functioning puts on the agenda just the purpose to get rid of the Russian population as a whole, since this so-called "nation" or "people" may reqire by its inalienable right to give back what was unlawfully appropriated by the elite of pillagers. That's why the forthcoming disintegration of the State RF is in effect predeterminate in any case, and they only profit by the occasion of making Russia a country at war in order to loot all that will be possible to scrounge before the planned separation of the Federation - either with secession or without. Don't take Putin's smoke-screens for his genuine intention, he is spy after all.

    by: Obangala from: US
    March 22, 2014 8:49 AM
    Western Sanctions Begin to Ripple Through Russian Economy... which will soon cripple Europe's economy... bringing Russia and China ever more closer.

    by: Gennady from: Russia, Volga Region
    March 21, 2014 10:36 PM
    Visa and MasterCard’s block has given an excellent warning sign for those superwealthy of Putin’s Russia who had prefered the banks owned by sanctioned personalities. Unfortunately, Mr Yakunin of Russian Railways from the list of those who plunder the country’s resourses has shown no remorse or any second thought at his wrondoings at all. They play double or nothing. Ukraine’s people with their uprising and overthrowal of the corrupt Yanukovich regime have done excellent job – they showed Russian people the way of how to liberate themselves from the similar corrupt regime of their own that stifles economy and keeps Russia in the mediaeval ages.
    In Response

    by: Mark from: Virginia
    March 22, 2014 4:56 PM
    “I hold it that a little rebellion now and then is a good thing, and as necessary in the political world as storms in the physical.” -Thomas Jefferson

    Featured Videos

    Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
    Two-thirds of World Faces Water Shortagei
    X
    February 12, 2016 7:31 PM
    Four billion people — or two out of every three on the planet — do not have enough water to meet their basic needs. That is far greater than previously thought, according to a new study that presents a more accurate picture of the problem. As VOA's Rosanne Skirble reports, the findings will help policymakers and the public craft solutions to address the threat.
    Video

    Video Two-thirds of World Faces Water Shortage

    Four billion people — or two out of every three on the planet — do not have enough water to meet their basic needs. That is far greater than previously thought, according to a new study that presents a more accurate picture of the problem. As VOA's Rosanne Skirble reports, the findings will help policymakers and the public craft solutions to address the threat.
    Video

    Video Gateway to Mecca: Historical Old Jeddah

    Local leader Sami Nawar's family has been in the Old City of Jeddah for hundreds of years and takes us on a tour of this ancient route to Mecca, also believed to be the final resting place of Adam's wife, Eve.
    Video

    Video New Technology Aims to Bring Election Transparency to Uganda

    A team of recent graduates from Uganda’s Makerere University has created a mobile application designed to help monitor elections and expose possible rigging. The developers say the app, called E-Poll, will make Uganda's democratic process fairer. From Kampala, VOA's Serginho Roosblad reports.
    Video

    Video As Refugees Perish, Greek Graveyards Fill

    Aid workers on the Greek island of Lesbos say they are struggling to bury the increasing number of bodies of refugees that have been recovered or washed up ashore in recent months.  The graveyards are all full, they say, yet as tens of thousands of people clamor to get out of Syria, it is clear refugees will still be coming in record numbers. For VOA, Hamada Elrasam reports from Lesbos, Greece.
    Video

    Video Russia Bristles at NATO Expansion in E. Europe

    Russian Foreign Minister Sergei Lavrov is meeting Friday with the head of NATO after the Western military alliance and the United States announced plans for the biggest military build-up in Europe since the Cold War. Russia has called NATO's moves a threat to stability in Europe. But NATO says the troop rotations and equipment are aimed at reassuring allies concerned about Russia as VOA's Daniel Schearf reports from Moscow.
    Video

    Video To Fight Zika, Scientists Target Mosquitoes

    Mosquitoes strike again. The Zika virus outbreak is just the latest headline-grabbing epidemic carried by these biting pests, but researchers are fighting back with new ways to control them. VOA's Steve Baragona takes a look.
    Video

    Video Mosul Refugees Talk About Life Under IS

    A top U.S. intelligence official told Congress this week that a planned Iraqi-led operation to re-take the city of Mosul from Islamic State militants is unlikely to take place this year. IS took over the city in June 2014, and for the past year and a half, Mosul residents have been held captive under its rule. VOA's Zana Omar talked to some families who managed to escape. Bronwyn Benito narrates his report.
    Video

    Video Scientists Make Progress Toward Better Diabetes Treatment, Cure

    Scientists at two of the top U.S. universities say they have made significant advances in their quest to find a more efficient treatment for diabetes and eventually a cure. According to the International Diabetes Federation, the disease affects more than 370 million people worldwide. VOA’s George Putic reports.
    Video

    Video NATO to Target Migrant Smugglers

    NATO has announced plans to send warships to the Aegean Sea to target migrant smugglers in the alliance's most direct intervention so far since a wave of people began trying to reach European shores.
    Video

    Video Russia's Catholics, Orthodox Hopeful on Historic Pope-Patriarch Meeting

    Russia's Catholic minority has welcomed an historic first meeting Friday in Cuba between the Pope and the Patriarch of Russia's dominant Orthodox Church. The Orthodox Church split with Rome in 1054 and analysts say politics, both church and state, have been driving the relationship in the centuries since. VOA's Daniel Schearf reports from Moscow.
    Video

    Video Used Books Get a New Life on the Streets of Lagos

    Used booksellers are importing books from abroad and selling them on the streets of Africa's largest city. What‘s popular with readers may surprise you. Chris Stein reports from Lagos.
    Video

    Video After NH Primaries All Eyes on South Carolina

    After Tuesday's primary in New Hampshire, US presidential candidates swiftly turned to the next election coming up in South Carolina. The so-called “first-in-the-South” poll may help further narrow down the field of candidates. Zlatica Hoke reports.
    Video

    Video Smartphone Helps Grow Vegetables

    One day, you may be using your smartphone to grow your vegetables. A Taipei-based company has developed a farm cube — a small, enclosed ecosystem designed to grow plants indoors. The environment inside is automatically adjusted by the cube, but it can also be controlled through an app. VOA's Deborah Block has more on the gardening system.
    Video

    Video Exhibit Turns da Vinci’s Drawings Into Real Objects

    In addition to being a successful artist, Renaissance genius Leonardo da Vinci designed many practical machines, some of which are still in use today, although in different forms. But a number of his projects were never realized — until today. VOA’s George Putic reports.

    World Currencies

    EUR
    USD
    0.8869
    JPY
    USD
    112.70
    GBP
    USD
    0.6894
    CAD
    USD
    1.3922
    INR
    USD
    68.241

    Rates may not be current.