Sanctions, Oil Deals: The Russian Perspective
- High-level figure close to the Russian presidential administration
- Senior official in the Russian Ministry of Finance
- Moscow-based Russian economist
- UK-based geopolitical analyst for Fortune 500 companies
- Oil trader for a major European corporate entity
- Moscow-based investigative journalist
- Moscow-based energy analyst
According to a source close to the Russian Presidential Administration, Russia is pursuing an aggressive response to U.S. sanctions over Crimea, Donbas and the poisoning of the ex-GRU Colonel Sergei Skripal and his daughter in the UK. Moscow is looking to use its dominance within the energy sector to apply pressure on the U.S. oil sector.
Despite the current sanctions, Russia’s economy remains fairly stable. This stability has meant that the threat of tougher sanctions targeting Russia’s sovereign debt with maturity over two weeks and restricting dollar transactions of Russia’s largest banks did not raise significant concerns.
A senior official within the Ministry of Finance noted that “it is no surprise that the U.S. will seek tougher sanctions but we have been implementing an economic strategy that can take the strain”.
Most importantly, in anticipation of tougher sanctions by the U.S., Russia has been looking to the East. Russia’s growing isolation from the West due to the continuous sanctions has intensified…