The Kremlin has said Russia’s economy was experiencing a “shock” after the U.S. and its allies imposed sanctions on the country.
Thursday, the Russian government said that efforts are being made to minimize the impact of crippling economic sanctions imposed on Moscow.
“Our economy is experiencing a shock impact now, and there are negative consequences; they will be minimized,” top Kremlin spokesman Dmitry Peskov told reporters.
“This is absolutely unprecedented. The economic war that has started against our country has never occurred before. So it is tough to forecast anything,” he added.
Many Western countries have issued severe economic sanctions against Russia since it invaded Ukraine in late February, Epoch Times reports.
The value of the Russian ruble has plummeted in the past few weeks. On Tuesday, President Joe Biden announced the United States would ban all Russian oil imports, raising the likelihood of soaring gas prices domestically over the Ukraine war. And on Wednesday, the European Union announced that it would expand its sanctions on both Russia and Belarus.
More than 160 Russians, including oligarchs and politicians, as well as the Belarussian banking sector, were sanctioned by the EU, said European Commission President Ursula von der Leyen.