June 23, 2015
Western sanctions encouraging Russia to build ‘independent financial structure’

International Business Times

Speaking to IBTimes UK, with reference to the EU’s decision to extend sanctions on Russia, Edward Mermelstein, an international attorney from law firm Rheem Bell & Mermelstein, said the extended sanctions would not worsen the economic situation in Russia, as the country has a history of remaining independent of the Western systems.

“I don’t see there being any new sanctions or any meetings that could worsen the situation, unless we are talking about totally disconnecting Russia from the American banking system and it’s very unlikely that it will happen,” Mermelstein, who focuses on Russian and East European economies, said.

“Assuming that it does, this is not the first time this has happened. The Soviet Union existed for quite a long time without being connected to the US banking systems and they did fine for 70 years.”

ibt russia

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