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Sanctions against Russia may stop its economy — banker

July 29, 15:13 UTC+4 MOSCOW
“They will obviously have a considerable adverse effect on GDP growth,” he says
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Vnesheconombank Deputy Governor Andrei Klepach

Vnesheconombank Deputy Governor Andrei Klepach

© ITAR-TASS/Alexandra Mudrats

MOSCOW, July 29. /ITAR-TASS/. Anti-Russian sanctions can stop economic growth and even cause a decline, Russian former deputy minister of economic development told Rossiya24 TV channel.

“We have evaluated the sanctions’ impact, different rates of capital flight and money appreciation,” said Andrey Klepach, now Deputy Chairman of sanctioned Vnesheconombank’s board. “They will obviously have a considerable adverse effect on GDP growth, not as much this year, when it will be limited due to lags, as in 2015.”

This, he added, could freeze economic growth and lead to a slump depending on the sanctioning scales.

At the same time, Russia had ways to passively adapt to the situation, said former deputy minister. “We have considerable reserves - currency reserves and the National Wealth Fund that can be invested,” said Klepach. Under the present circumstances, Russia could invest in the economic development the entire NWF, he added.

The Russian government has recently boosted the NWF share to be invested in infrastructure projects from 40 to 60%

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