Study: Russians $75 worse off each year due to sanctions

Experts say sanctioned goods would on average be three percent cheaper if the restrictions were not in place.

Experts say sanctioned goods would on average be three percent cheaper if the restrictions were not in place.

Reuters
Public paying for counter sanctions although less worried about embargos.

Russian citizens lose about 4,380 rubles ($75) annually because of Russian counter-sanctions. This is according to research carried out by the Gaidar Institute for Economic Policy, the Russian Academy of National Economy and Public Service, and the All-Russian Academy of Foreign Trade, reports (in Russian) Gazeta.ru.

"The monetary losses of consumers were calculated in annual terms: with the constant demand structure within the sanctioned and non-sanctioned sets of goods, the additional per capita spending in Russia for the studied period (from 2014 to 2016) amounted to an average of 4,380 rubles per year," the study said.

Experts say sanctioned goods would on average be three percent cheaper if the restrictions were not in place. However, it’s also been reported that Russians have generally become less worried about sanctions imposed by the West.

Read more: How does the U.S. bypass its own sanctions to buy Kalashnikovs?>>>

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