Russia Defiant in Face of Tougher Sanctions

Russia's central bank promised to support financial institutions hit by new sanctions imposed by the United States and the European Union.

The United States imposed sanctions on more Russian banks on Tuesday, targeting the country's second-largest lender VTB , its subsidiary the Bank of Moscow, and the Russian Agriculture Bank. The European Union also announced measures limiting access to capital for Moscow.

The bank on Wednesday promised to "take adequate measures'' to support institutions affected by the sanctions aimed at punishing Russia for its support of rebels in eastern Ukraine.
Stock markets in Moscow opened lower Wednesday as the the measures against Russia's banking, oil and defense sectors went into effect.

It remains uncertain whether the tougher penalties would have any impact on Russia's actions in Ukraine, nor is it clear what further actions the U.S. and Europe are willing to take if the situation remains unchanged.

VTB, Russia's second-largest bank by assets, said on Wednesday that it is confident it can raise capital if the need arises, despite being hit by the latest wave of Western sanctions.

“We are confident we can raise capital if a need arises,” the bank said in a statement.

It also called the new measures “politically motivated, unfair.”Gazprom turns to local sources
Also, Russia's Gazprom Energoholding, which manages the power generating assets of gas monopoly Gazprom, has decided to source its gas turbine spare parts locally instead of relying on imports, the company said on Wednesday.......................http://www.voanews.com/content/russia-defiant-in-face-of-tougher-sanctions/1967850.html
30/7/14
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Related:

• Russian forces continue to mass along border with Ukraine (Pentagon)

• John Kerry: Remarks With Ukrainian Foreign Minister Pavlo Klimkin After Their Meeting (U.S. State Department)

• EU governments agree deal on sanctions against Russia