Moscow mulls new economic strategy

Self-reliance is the rule of the day, deputy prime minister says.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   Aug. 14, 2014 at 9:14 AM

MOSCOW, Aug. 14 (UPI) -- Russian Deputy Prime Minister Dmitry Rogozin said Thursday the country needs a new strategy of economic development in the face of mounting sanctions.

Western governments have enacted sanctions on Russia's energy and defense sectors in response to crises simmering on the Ukrainian border with Russia. When Russian oil company Rosneft was targeted, Chief Executive Officer Igor Sechin, himself a sanctions target, said the company's strategy was affected.

The Russian Central Bank said it was prepared to prop up financial institutions burdened by economic pressure from Washington.

Rogozin said sanctions were designed to get in the way of Russian development, although a new strategy of economic development should be pursued anyway.

"Reliance on industry [and] on our own resources ... even if there had not been these sanctions, we would have to turn this way," he said.

Exports of crude oil, petroleum products and natural gas account for nearly 70 of all Russian export revenues in 2013.

Analysis for the U.S. Energy Information Administration finds Russia received almost four times as much revenue from crude oil exports as it did from natural gas.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
B-52 bombers demo long reach of U.S. air power
Army orders tactical trucks from Oshkosh
Reddit CEO Ellen Pao offers to improve communication in wake of firing scandal
Report: Brazil's Petrobras wading dark waters
Baker Hughes wins Johan Sverdrup contract