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Crimean Parliament Wants to Join Russia
6.03.2014 14:36
Crimean Parliament Wants to Join Russia
Photo Credit: http://www.segodnya.ua

The Parliament of Crimea has called on Russia to accept the Ukrainian autonomous republic as part of its territory, says Vedomosti.

      The parliament has issued a request before the referendum which was re-scheduled to March 16.

      According to Vedomosti, the people of Crimea, who are predominantly ethnic Russians, are expected to choose between staying as part of Ukraine or changing the status to a Russian region.

      The uncertainty over the Ukraine crisis has prompted stark warnings voiced by the world's leading financial institutions.

      For example, Moody’s warned Russia it could lose whatever still remains of the investment appeal and its current credit rating due to its murky intentions towards Ukraine.

      According to the rating agency, Russia’s GDP can suffer as a result, with many private investors withdrawing their funds from the economy. The risk is exacerbated by the fact that many Russian banks and companies operate in Ukraine.

      Earlier, Russia-IC reported that a military invasion of Crimea would cost the Russian economy some three percent of GDP.

      The transit of natural gas to European consumers worth $30 billion may be disrupted, the Vedomosti business daily quoted an estimate by Bank of America Merrill Lynch.

      In case of a military operation, the EU may block the construction of the South Stream pipeline and switch to other energy sources in a move towards an economic boycott.

      Public spending is bound to go up regardless of whether the Kremlin decided to send the troops to the Crimean peninsula.

      The Russian authorities have pledged financial aid to the residents of the autonomy whose budget is facing a $1 billion deficit.

      According to Vedomosti, Russia’s 2013 GDP totaled 66.689 trillion roubles.

      Russia-IC will get the details as soon as they are available. Follow us for more news on the Ukraine crisis and response by the world players.

       




Author: Mikhail Vesely

Tags: Crimea Russian economy    

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