Western sanctions may last ‘for a very long time’: Russian ministerDecember 18, 2014 - 12:45 AMT PanARMENIAN.Net - Western sanctions over Russia's role in the Ukraine crisis are likely to last "for a very long time", possibly decades, Economy Minister Alexei Ulyukayev said. "When a U.S. law is passed it is very hard to change it afterwards - looks like it will be in place for decades," Ulyukayev said in an interview with Vedomosti newspaper published on Thursday, Dec 18, according to Reuters. Russia's economy is heading for recession, dragged lower by sanctions imposed by the West over Ukraine and weak oil prices, a cornerstone of state revenues. The rouble has lost more than 45 percent against the dollar since the start of the year. Ulyukayev said a lack of structural reform of the economy had partly set Russia up for "the perfect storm". He added that if there were no sanctions, no falling oil prices and if "we had not done some foolish things" which he did not elaborate on, the Russian economy could show annual growth of between 2.5 and 3 percent. Ulyukayev said that sanctions may become tougher next year with the situation on the oil markets worsening further. "The situation is so hard to predict that we cannot be prepared for its changes in the future ... How should we behave then? Write one more stress-scenario in addition to (the oil price at) $60 (per barrel)? Let's do it for $40, $20 and $10," he said ironically. Photo: Bloomberg Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Armenia, Russia discuss life extension of Metsamor nuclear plant Issues regarding the extension of life of the 2nd power unit of the Armenian Nuclear Power Plant were discussed in Yerevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. |