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ECB’s Weidmann says sanctions would put brake on Russian economy

Publicat de in data de 25 Mar 2014 | Scrie un Comentariu

Sanctions against Moscow over its annexation of Crimea would compound the impact on the Russian economy after already massive capital outflows, the president of the German central bank said on Tuesday. “The escalation of the conflict has resulted in massive capital outflows, to a significant fall in value of the ruble and to a rise in financing costs and therefore a negative impact on confidence,” Jens Weidmann told an audience in Berlin. “All that should put a brake on Russia’s economy that would naturally be reinforced by possible economic sanctions,” said Weidman, who is also a member of the European Central Bank’s governing council. He also cautioned about risks were the European Central Bank to embark on a program of quantitative easing, where a central bank buys assets, such as loans, from banks.
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