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Russia will incur losses of nearly $600 million due to financial sanctions and a sharp drop in oil prices over the period from 2014 to 2017, Russian newspaper Vedomosti has reported.
According to Yevsey Gurvich and Ilya Prilepsky from the Economic Expert Group, the losses from the sanctions will amount to about $170 billion, lost revenue from oil and gas exports will amount to another $400 billion.
Read alsoBloomberg forecasts long period of stagnation in RussiaCapital losses have been calculated at the price of oil at $50 a barrel, while export revenues — at the same price as compared with the rate of $100 a barrel. The economists have estimated the reduction in gross capital inflows at $280 billion over 3.5 years, of which $85 billion is direct investment.
According to experts, the reduction of foreign direct investment with lower possibility of loans and capital inflows into the market of public debt will increase the effect of financial sanctions about three-fold.
Read alsoCollapse in oil prices threatens to drag Russian economy down to lower depthsGurvich says that the oil drop and sanctions imposed are the two complementing threats, reinforcing each other. According to his calculations, the economic growth will slow down 8.4% over a four-year period, that is 2.1% per year.
Earlier, it was reported that the European Commission had worsened the outlook for the Russian economy.