BAKU, Azerbaijan, Mar. 5
Trend:
The sanctions imposed by the West against Russia turned out to be more serious than expected, Azerbaijani MP, economist Vugar Bayramov told Trend.
"Sanctions against Russia are already having an impact. The national currency has collapsed to the lowest level ever, the disconnection of the country's leading banks from SWIFT has led to a sharp decline in the shares of Russian companies. The sanctions also affected the property of a number of Russian oligarchs and businessmen abroad," Bayramov said.
The deputy added that the West was trying to weaken the Russian economy by applying sanctions.
"Sanctions will seriously affect the financial position of top Russian companies. Russia is currently taking various measures in this regard. Thus, a restriction on the foreign currency export from the country has been introduced, the assets of foreign companies have been frozen, and the Central Bank has raised the key rate to 20 percent," Bayramov stated.