Russia to lose billions over sanctions, falling oil prices

Russia’s finance minister says Russia is on a course to lose more than $100 billion due to Western sanctions and falling oil prices.

Anton Siluanov said Monday at an economic forum in Moscow that Russia could lose as much as $40 billion per year because of Western sanctions.

The United States and the European Union have imposed several rounds of sanctions against Russia for its role in the conflict in Ukraine. Russia denies involvement in hostilities in eastern Ukraine where pro-Russian forces are frequently involved in skirmishes against Ukrainian government troops, despite a cease-fire agreement.

Siluanov also said Russia could lose up to $100 billion annually because of low oil prices, which have fallen by 30 percent.

The Ria Novosti news agency says the Russian ruble has fallen about 23 percent against the U.S. dollar in the past three months as a result of the falling oil prices.