Tightening Sanctions Against Russia Possible in 2015: Minister

The Russian Economic Development Minister stated that the tightening of sanctions against Russia is quite possible in 2015 and their negative effect will be lasting.

MOSCOW, December 18 (Sputnik) — The tightening of sanctions against Russia is quite possible in 2015 and their negative effect will be long-term, Russia's Economic Development Minister Alexei Ulyukayev said.

"What can we expect to happen with external factors in 2015? It is very likely that sanctions will be tightened," Ulyukayev told Vedomosti newspaper in an interview.

The minister also added that the sanctions regime will last for a long time. According to Ulyukayev, the component, associated with financial restrictions and banks, will be gradually weakening.

However, there will be a problem with the technological component of the sanctions, in particular, with the ban on the equipment import, the minister added.

In March, the United States, the European Union and their allies started implementing sanctions against Russia in response to Crimea’s reunification with the country. The restrictive measures first targeted a number of Russian senior officials and some entities.

After the military conflict in Ukraine’s southeast broke out in April, the West ratcheted up its sanctions, citing Moscow’s alleged meddling in the Ukrainian conflict. The sanctions targeted the finance, defense and energy sectors of the Russian economy, as well as more individuals.

Moscow has repeatedly denied any involvement in the Ukrainian conflict.