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Banking group IIF says U.S. sanctions on Russia to have ‘significant impact’ -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Tim Adams (President and CEO of IIF) gestures at the 2018 G20 Conference, “The G20 Agenda under the Argentine President”, held in Buenos Aires on March 18, 2018. REUTERS/Agustin Marari

NEW YORK, (Reuters) – The Institute of International Finance is the world’s largest banking organization. It stated Thursday that sanctions against Russia would have a “significant impact” on Russia’s economy overall and could cause it to shrink.

According to the group, “Average Russians” will be affected by new sanctions as they can trigger bank runs and make it more difficult for the central bank to raise rates.

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