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    Russian Lawmaker Says US Fails to Understand Sanctions Beneficial to Russia

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    The United Stated does not understand that it is supporting the Russian economy by imposing new sanctions, Sergei Ryabukhin, the head of the budgetary committee of the Federation Council, Russia’s upper house of parliament, said Wednesday.

    MOSCOW, July 30 (RIA Novosti) – The United Stated does not understand that it is supporting the Russian economy by imposing new sanctions, Sergei Ryabukhin, the head of the budgetary committee of the Federation Council, Russia’s upper house of parliament, said Wednesday.

    “They are nothing but a benefit for the Russian economy, including for the revenue part of all budget levels,” the parliamentarian said.

    The new US restrictions let Russia focus on developing its own production efficiently using its internal reserves to balance the national economy, Ryabukhin added.

    “Under the conditions of an expanding market economy and economic integration between the countries” the additional sanctions are meaningless, both politically and practically, the Russian lawmaker said.

    On Tuesday, the United States as well as the European Union announced new rounds of sanctions against Russia, once again accusing Moscow of supporting militia forces in eastern Ukraine.

    Washington introduced sanctions on three more Russian banks, namely VTB Group, the country's second-largest bank, Bank of Moscow and Russian Agricultural Bank. The measure prohibits US citizens and companies from purchasing debt issued by the banks or their representatives carrying maturities longer than 90 days, or new equity. The US sanctions also target state-owned United Shipbuilding Corporation.

    Additionally, US President Barack Obama said the United States would also block exports of specific goods and technologies to the Russian energy sector, expanding sanctions to more banks and suspending credit that encourages exports to Russia.

    Russia has repeatedly denied accusations that it was supplying the eastern militias with arms and called the "language of sanctions" counterproductive.

    Tags:
    European Union, export, banks, debt, economy, sanctions, Russian Agricultural Bank (RusAg), VTB, Bank of Moscow, Russian Federation Council, Barack Obama
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