The background is the sanctions package prepared by the United States with international partners, which provides for punitive measures for the country’s largest financial institutions and state-owned enterprises and critical export restrictions. Singh said financial sanctions would deny Russia access to foreign capital and export controls would deny Moscow access to modern technologies that Russian President Vladimir Putin needs to achieve his goal of diversifying the economy. Russia can only acquire these technologies from the West.
“After all things considered, Russia will become more dependent on countries that cannot compensate for their losses,” Singh said. This would be a strategic defeat for Russia, pure and simple.”
Asked if Russia also feared being banned from the international banking communications network Swift, he said it would most likely not be part of the first sanctions package. There are other serious measures that will have fewer disadvantages for third parties. However, all options remain on the table and the possibilities are constantly being re-evaluated.
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