US Believes Sanctions Have Cost Moscow Tens of Billions of Dollars - State Dep't

WASHINGTON (Sputnik) - US sanctions against Russia have cost Moscow dozens of billions of dollars, Assistant Secretary of State for Economic and Business Affairs Manisha Singh said during a congressional hearing on Thursday.

"We assess that our sanctions, cumulatively, have cost the Russian government tens of billions of dollars, on top of a broader impact on state-owned sectors and chilling effect overall on prospects for the Russian economy," Singh told the US House of Representatives Foreign Affairs Committee.

READ MORE: US Ready to Impose 'Very Severe' Sanctions on Russia Over Skripal Case

Singh noted that the United States has targeted with sanctions Russia’s main state-owned weapons trading company Rosoboronexport, major power company EurosibEnergo and Russian oil giant Surgutneftegaz.

Washington has also imposed sanctions on the heads of Russia’s major state-owned banks and energy firms, Singh said.

The United States has already imposed sanctions on Russia for its alleged interference in the 2016 US presidential election.

Moscow has repeatedly denied all allegations of meddling, calling such accusations absurd and invented to excuse the election loss of a presidential candidate as well as deflect public opinion from actual instances of election fraud, corruption and other pressing issues.