Putin orders government to counter Western sanctions

Russian President Vladimir Putin instructed the Russian government on Tuesday to consider measures in retaliation to Western sanctions against Russia.

"I have formulated this task for the government today," Putin said during a working visit to Voronezh yesterday.

"Political instruments of pressure on the economy are unacceptable and contradict all norms and rules. The Russian government has already proposed a number of response measures to so-called sanctions imposed by certain countries. I think that in current conditions, in order to ensure the interests our producers, we could very well think about this now."

The Russian president also said that Russia’s response to western sanctions should be "accurate". "Of course, we have to act extremely carefully so that we support domestic producers but do not harm consumers," Putin indicated.

Economic sanctions against Russia and changes in the market will undoubtedly have a negative effect on the Lithuanian economy,Parliament Speaker Loreta Grauziniene says.

"I foresee certain danger," Grauziniene told Ziniu Radijas radio on Wednesday.

"A substantial part of our market is both in Russia, as it was in Ukraine, and in Belarus, thus in risky areas. Let us take China and its policy, its economy very often depends on decisions of politicians; as a result, there are many dangers," 

According to the head of the Seimas, finances of the country should be planned with caution and reserve.

"We are living at present in a high-risk zone and we should not be overly optimistic, but manage the finances of the state with responsibility and precaution, particularly it concerns politicians," said Grauziniene.

Lithuanian Minister of Finance Rimantas Sadzius has claimed that Lithuania would be affected by sanctions but nothing dramatic would happen.