Another portion of sanctions has already cost Russia $5 billion. The August package of restrictions has resulted in frozen assets of Russia managed by Swiss bank Credit Suisse.
This is just the beginning, since US sanctions will only be stepped up in the next three months. Hence, another portion of frozen Russian assets is ahead. "Credit Suisse works with international regulators wherever it does business to ensure compliance with sanctions, including compliance with sanctions involving Russia," a spokesman for the bank said. So, in the very near future, other major banks will most likely make similar statements. New issues of government bonds, certain transactions with assets, including that of Russian oil and gas companies such as PJSC Gazprom and Rosneft, are also put at risk. Russian banks, mining companies, and officials can also be slapped with US sanctions.
However, according to authorities, there is no reason to fret. As stated by Anton Siluanov, Minister of Finance and First Deputy Prime Minister, the Russian economy has been standing firm for a number of years and still persists.
