Sanctioned Russia escapes immediate US tariff hit, braces for long-term impact
The Russian economy, mainly insulated from Western markets by sanctions, has escaped immediate damage from sweeping U.S. tariffs but the Kremlin said on Friday it needs to take extra measures to minimise the impact of resulting market turbulence , News.az reports citing BBC.
President Donald Trump this week unveiled a 10% baseline tariff on all imports to the U.S. and much higher duties on many of the country’s biggest trading partners, triggering a plunge in world financial markets and fears of a global downturn.
Russia, along with Belarus, Cuba and North Korea - some of the world’s most heavily sanctioned countries - avoided additional tariffs. The U.S. said sanctions imposed over military action in Ukraine "preclude any meaningful trade".
Kremlin spokesman Dmitry Peskov said Moscow had avoided Trump’s punitive measures because it had no "tangible" trade with Washington due to sanctions, but officials were monitoring global markets for potential negative effects on the economy.
Goods trade between the two countries was $3.5 billion last year, according to U.S. figures, down from $36 billion in 2021, the year before the full-scale conflict in Ukraine began.
"We see quite a high level of turbulence in international markets," Peskov said. "We are hearing very unfavourable forecasts from various economists, including world-renowned economists, who are pessimistic about this latest news."
"Let’s just say that with a storm like this, we need to be very careful to minimise the negative effects on our economy," Peskov said.
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