G20 to Discuss Sanctions from Economic Perspective, Says Russian Sherpa

WASHINGTON, July 2. /TASS/. The Group of Twenty (G20) will address issues related to sanctions in its work, but from an economic perspective, Denis Agafonov, head of the expert department of the Russian president’s administration and the Russian sherpa in the G20, told reporters.

"From an economic perspective, sanctions are essentially the same kind of constraints and barriers as tariffs and other non-market regulatory measures. Therefore, naturally, we address these issues within the G20 framework," he said following the G20 sherpa meeting in Washington on June 29-30. According to an estimate by the World Economic Forum in Davos, the negative impact of current international sanctions and restrictions amounts to around $200-300 bln annually, Agafonov added.

"However, that is, I would say, a conservative estimate. Looking further ahead, if this trend continues and expands, we will be talking about trillions [of dollars], which represents a significant share of global GDP. It is becoming a significant factor. Therefore, it seems to me that if we <...> address the objectives that fundamentally fall within the mandate of the G20 and the US presidency, <...> then, of course, the issue of restrictions will be considered but within an economic context, I emphasize once again," he noted.