German Foreign Minister does not think toughening sanctions against Russia is a good idea.

      In an interview with Die Welt, Frank-Walter Steinmeier said the impact of the existing restrictions was significant and there is no need for further measures at the moment. The EU might target militia leaders, though, he added.

      Earlier, Russia-IC reported that Russia could lose up to $50 billion, or 4 percent of GDP, due to sanctions and a drop in oil prices.

      According to a report by Russia’s Finance Ministry, the geopolitical events would cost Russia 2 percent.

      Maxim Oreshkin, head of the long-term strategic planning department, said the economy’s response to external shocks was surprisingly soft.

      Russia sparked a wave of criticism after it incorporated Crimea into its territory following a referendum on the peninsula with a large ethnic Russian population.

      The US and the EU imposed a raft of sanctions on Russian officials and individuals with close ties to the Kremlin.

      The US also put space and military cooperation on hold, followed by some of its NATO allies, including the UK.