While many analysts see the sanctions, as they are proposed currently, only being partially effective, others say they could have much wider implications in the long term, potentially affecting the oil and gas sector too. “Though the scope of the sanctions remains uncertain, the effect could be enormous,” Russia’s economist Sergei Guriev said in his column with the Project Syndicate, an online platform for expert opinion. A significant fall in foreign direct investment, “which brings not only money but also modern technology and managerial skills, would hit Russia’s long-term economic growth hard,” Guriev said, adding that FDI was estimated to have reached $80 billion in 2013. In the short term, “it is trade that matters much more than investment,” he said. Russia’s annual exports, mostly oil, gas, and other commodities, are worth nearly $600 billion, with annual imports totaling almost $500 billion, according to Guriev. The most important source […]