Austrian president says tougher sanctions on Russia ‘stupid and harmful step’

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"I think that a decision to tighten up sanctions against Russia until it is weakened enough for it to be possible to achieve [our] desired policy objectives, is wrong and, moreover, harmful," he said.

"The Russian economy has a certain margin of safety. But the sanctions against it have become a real problem and continue to remain so," Fischer said.

"A severe economic crisis in Russia will create more problems than it will solve," he said.