President Vladimir Putin of Russia on Thursday said the sanctions imposed against Moscow are a “covert form” of protectionism.
Putin also said Russia is in favour of an open and rules-based trade order to boost global growth.
“I’m convinced that only open trade relations based on uniform norms and standards can stimulate growth of the global economy and support a progressive development of intergovernmental relations,” Putin wrote in a guest article published in German business daily Handelsblatt.
Putin said that protectionism was becoming widespread and a behavioral norm.
“And unilaterally imposed and politically motivated sanctions on investment, trade and, in particular, technology transfer become its covert form,” Putin said.
“In our opinion, such sanctions not only have no perspective, but they also contradict the G20 principles for interacting in the interests of all countries of the world.”
NAN reports that new EU and U.S. sanctions have been introduced against Russia for backing separatists in eastern Ukraine.
Russia’s annexation of Crimea in March the EU and U.S. have ratcheted up sanctions several times, tightening restrictions on major Russian state banks and corporations.
They have blacklisted dozens of senior Russian officials, separatist commanders and Russian firms accused of undermining Ukrainian sovereignty.
The EU sanctions announced on Sept. 12 targeted Russia’s state finances, energy and arms sectors.
Russian state banks are now excluded from raising long-term loans in the EU, exports of dual-use equipment for military use in Russia are banned, future EU-Russia arms deals are banned and the EU will not export a wide range of oil industry technology.
Three major state oil firms are targeted: Rosneft, Transneft and Gazprom Neft, the oil unit of gas giant Gazprom.
The gas industry, space technology and nuclear energy are excluded from sanctions.
The U.S. sanctions also affect some of Russia’s richest businessmen, including President Putin’s inner circle.
Among them is Gennady Timchenko, a founder of the commodity trading firm Gunvor.
He owns Volga Group, an investment firm with stakes in energy, transport and infrastructure, including Novatek, Russia’s second biggest gas producer.
Igor Sechin is another big name on the U.S. list.
He is a former intelligence officer and long-term ally of Mr Putin, the most prominent of the inner circle figures who influence Kremlin policy.(Reuters/NAN)