Russian economic development minister: Sanctions can last for years

Sanctions against Russia can last for coming years, Russia’s Economic Development Minister Alexey Ulyukaev has said today, on March 16, while meeting with leadership of the United Russia faction in the parliament.

“Our macroeconomic forecast is based on the assumption that the sanctions will remain in force in 2015 and coming years,” the minister announced. According to him, recession in manufacturing output can reach 1-1.5% in 2015. Economic growth in Russia in 2016-2018 is expected to be 2.5-3%, Ulyukaev informed.