Sanctions Dramatically Worsened Financial Situation in Russia - Hontareva

The sanctions imposed against Russia have drastically worsened its financial condition. The devaluation of the ruble reached 30% during the year.

Head of the National Bank of Ukraine Valeria Hontareva said this on air of Channel 5, Censor.NET reports. "Sanctions have dramatically worsened the financial condition of the Russia's economy. The devaluation of the ruble was 30% during the year, that is significant for the country that has half a trillion dollar in its reserves," she said. Moreover, as noted by the head of the National Bank of Ukraine, the access to the international capital is actually shut down for the Russian Federation. According to her, the Russian banking system will need to spend $150 million only for maintaining balance of its largest state-owned banks.

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"Sanctions have effect, but unfortunately, we cannot say that the Russian difficulties help to solve our internal problems," Hontareva said. The European Union has adopted nine packages of sanctions against Russia since March 17. The restrictions affected 119 individuals and 23 legal entities. The EU has also imposed sanctions on energy, financial and defense sectors of Russia.

Earlier Censor.NET reported that the European Union will not reconsider the sanctions until Russia returns Crimea.