U.S. sanctions may spur economy reforms in Russia - business ombudsman

New U.S. sanctions against Russia may impact the global economy but may in the end stimulate economic reforms in Russia, businessmen's rights commissioner Boris Titov said.

New U.S. sanctions against Russia may impact the global economy but may in the end stimulate economic reforms in Russia, businessmen's rights commissioner Boris Titov said.

"Of course, we would like to avoid sanctions. Money loves tranquility that is why the economy can develop only when international relations in the world are aimed at reducing political risks," Titov told journalists on Tuesday commenting on a possibility of new U.S. sanctions against Russia.

However, sanctions may not have solely negative consequences, he said. "The implementation of reforms that drag on in greenhouse conditions start when hard times come," Titov said, adding that he hopes that "it will not come to that."

"One would like to carry on reforms in greenhouse conditions; however, this [sanctions] may stimulate the economic development," he said.

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