Sanctions cause Russia shortfall of $160 billion - Putin

The sanctions against Russian have resulted in a shortfall of $160 billion, but Russian companies are paying off their debts successfully and have got through peak payments, Russian President Vladimir Putin said.

The sanctions against Russian have resulted in a shortfall of $160 billion, but Russian companies are paying off their debts successfully and have got through peak payments, Russian President Vladimir Putin said.

"After [oil] prices fell from $100 to $50 barrel, $160 billion out of 500 [billion] failed to reach our economy. Moreover our quasi-partners restricted access for our banks to refinancing on the European market,\" Putin said at a session of the Legislators' Council in St. Petersburg.

He said that last year, Russian banks and companies were due to pay $130 billion in current loans to foreign partners, and another $60 billion this year.

"It looks like somebody was counting on some sort of collapse: we have a shortfall of $160 billion, and we are supposed to pay $130 [billion] plus $60 [billion]. But there has been no collapse. The Russian economy has surmounted these artificial barriers fairly easily," he said.

"Our enterprises have paid off all their own credits fairly easily: last year $130 billion, and they've also already paid off a significant amount of $60 billion due in the first quarter. We've got through the peak payments," he said.

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