The United States and its allies are preparing financial sanctions against Russia in case the situation around Ukraine worsens. The new sanctions will be much more painful than those imposed by the West in 2014.
The sanctions then led to a depreciation of the ruble, said a senior US administration official, reports RIA News.
The sanctions imposed in 2014 will appear less severe than those the US is considering now.
Restrictions on foreign capital to work in Russia led to a record depreciation of the ruble in 2014 – up to 50%, and the Bank of Russia was forced to use 25% of its reserves to protect the ruble, said a US administration official.
Inflation in Russia and the value of the key rate of the Central Bank accelerated in 2014 to double-digit values. Investment has dwindled and the Russian economy is facing a significant recession. In addition, falling oil prices also played against the Russian economy, the official concluded.