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Ukraine conflict: Putin says sanctions will backfire | Ukraine conflict: Putin says sanctions will backfire |
(35 minutes later) | |
Russian President Vladimir Putin has denounced the latest US sanctions against his country, saying they will damage relations and hurt businesses from both countries. | Russian President Vladimir Putin has denounced the latest US sanctions against his country, saying they will damage relations and hurt businesses from both countries. |
The president said that bilateral relations were reaching a "dead end". | The president said that bilateral relations were reaching a "dead end". |
He was speaking after the US and EU bolstered sanctions against Russia over its support for separatists in Ukraine. | He was speaking after the US and EU bolstered sanctions against Russia over its support for separatists in Ukraine. |
As shares in Russian interests hit by the sanctions fell sharply, markets also fell by more than 2.5%. | As shares in Russian interests hit by the sanctions fell sharply, markets also fell by more than 2.5%. |
Shares in the energy companies Rosneft and OA Novatek - who are both now barred from obtaining long-term loans from the US - fell 5.4% and 6.8% respectively. | Shares in the energy companies Rosneft and OA Novatek - who are both now barred from obtaining long-term loans from the US - fell 5.4% and 6.8% respectively. |
In addition the rouble has plunged against the euro and dollar. | In addition the rouble has plunged against the euro and dollar. |
The sanctions do not target the whole energy sector, the BBC's Daniel Sandford reports from Moscow, but the creation of Rosneft was a personal project of President Putin and it is run by one of his closest allies, Igor Sechin. | The sanctions do not target the whole energy sector, the BBC's Daniel Sandford reports from Moscow, but the creation of Rosneft was a personal project of President Putin and it is run by one of his closest allies, Igor Sechin. |
Another company targeted - the gas producer Novatek - is part-owned by friends of Vladimir Putin. | Another company targeted - the gas producer Novatek - is part-owned by friends of Vladimir Putin. |
'Long-term damage' | 'Long-term damage' |
Shares in the energy companies Rosneft and OA Novatek - who are both now barred from obtaining long-term loans from the US - fell 5.4% and 6.8% respectively. | Shares in the energy companies Rosneft and OA Novatek - who are both now barred from obtaining long-term loans from the US - fell 5.4% and 6.8% respectively. |
In comments made on television on Thursday while in Brazil, Mr Putin said the sanctions were driving relations between Russia and the US "into a corner". | In comments made on television on Thursday while in Brazil, Mr Putin said the sanctions were driving relations between Russia and the US "into a corner". |
He said the penalties would only serve to generate a backlash against American companies working in Russia and were not in the interests of American companies and "the long-term national interests of the US government and people". | He said the penalties would only serve to generate a backlash against American companies working in Russia and were not in the interests of American companies and "the long-term national interests of the US government and people". |
The Russian president said Rosneft had a multibillion-dollar deal with US company ExxonMobil to develop lucrative oil fields in Russia. "So, what, the United States does not want it to work there now?" he asked. | The Russian president said Rosneft had a multibillion-dollar deal with US company ExxonMobil to develop lucrative oil fields in Russia. "So, what, the United States does not want it to work there now?" he asked. |
Russia's foreign ministry called the US move "outrageous" and a "primitive attempt at revenge". Deputy Foreign Minister Sergei Ryabkov said Russia would retaliate but gave no details. | Russia's foreign ministry called the US move "outrageous" and a "primitive attempt at revenge". Deputy Foreign Minister Sergei Ryabkov said Russia would retaliate but gave no details. |
The EU said it would announce details of its sanctions by the end of July, but added that its investment banks would no longer fund Russian projects. | The EU said it would announce details of its sanctions by the end of July, but added that its investment banks would no longer fund Russian projects. |
The new round of US sanctions announced by the US treasury significantly expands previous penalties by Washington, which were limited to individuals in Russia and Ukraine and a number of companies. | The new round of US sanctions announced by the US treasury significantly expands previous penalties by Washington, which were limited to individuals in Russia and Ukraine and a number of companies. |
As well as major banks and energy firms, the weapons manufacturer Kalashnikov Concern is also on the list. | As well as major banks and energy firms, the weapons manufacturer Kalashnikov Concern is also on the list. |
Two self-proclaimed rebel entities in eastern Ukraine - the Donetsk People's Republic and the Luhansk People's Republic - are also targeted. | Two self-proclaimed rebel entities in eastern Ukraine - the Donetsk People's Republic and the Luhansk People's Republic - are also targeted. |
Speaking in Washington, US President Barack Obama said the sanctions were imposed because Russia had failed to fulfil its promises to de-escalate the crisis in Ukraine. | Speaking in Washington, US President Barack Obama said the sanctions were imposed because Russia had failed to fulfil its promises to de-escalate the crisis in Ukraine. |
The US penalties stop short of a complete disengagement with sectors of the Russian economy - a step that US officials said was being held in reserve in case Moscow launches a military invasion of Ukraine. | The US penalties stop short of a complete disengagement with sectors of the Russian economy - a step that US officials said was being held in reserve in case Moscow launches a military invasion of Ukraine. |
In Brussels, the EU leaders agreed to beef up their own sanctions against Russia. | In Brussels, the EU leaders agreed to beef up their own sanctions against Russia. |
The EU leaders said they would ask the EU-owned European Investment Bank (EIB) to suspend new investments in Russia. | |
They would, they added, also seek a suspension of new lending by the European Bank for Reconstruction and Development (EBRD), which includes both EU and non-EU shareholders. | |
More than 1,000 civilians and combatants have been killed since mid-April, when Ukrainian security forces moved to regain control of the eastern regions, while tens of thousands of people have fled. | More than 1,000 civilians and combatants have been killed since mid-April, when Ukrainian security forces moved to regain control of the eastern regions, while tens of thousands of people have fled. |
The crisis has led to the most serious standoff between Russia and the West since the end of the Cold War. | The crisis has led to the most serious standoff between Russia and the West since the end of the Cold War. |