Sanctions Meant To Hurt Russia Take Bite In Europe

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Sanctions Meant To Hurt Russia Take Bite In Europe

by Wochit 1:11 mins

Sanctions Meant To Hurt Russia Take Bite In Europe

by Wochit 1:11 mins

A U.S. official, discussing expanded U.S. and European sanctions against Russia, acknowledges that the punishment is taking a toll in the West as well. Treasury Undersecretary David Cohen is in Europe this week, to negotiate a possible third round of sanctions for Russia's incursion into Ukraine. Cohen acknowledged Wednesday that sanctions are also inflicting pain on companies in the United States and Europe. In a recent trip to Cuba, Russian Foreign Minister Sergei Lavrov said the sanctions "defied all common sense": French bank Societe Generale said Wednesday that the declining ruble and economic uncertainty forced the write-down of $731 million on its Russian activities, which include a stake in Rosbank.

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