Sanctions will cost Russia more than $100 billion

April 22, 2015 00:23

Russian Prime Minister Dmitry Medvedev gave the first official estimate of the cost in a speech Tuesday. He said the decision to annex Crimea had sparked a crisis that turned out to be "more difficult" than even the most pessimistic expectations.

Western sanctions imposed over Crimea and Moscow's support for separatist rebels in eastern Ukraine had cost Russia $26.7 billion in 2014. This year, the costs could balloon to $80 billion, he said.

"There should be no illusions. Today we are faced not only with a short term crisis," Medvedev said.

The latest trade statistics show just how bad the situation has become. The value of Russia's foreign trade slumped 30% in the first two months of this year.

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