File - An attendant holds a gas pump at a Rosneft petrol station in St.Petersburg in this October 23, 2012. REUTERS/Alexander Demianchuk
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President Vladimir Putin shrugged off the most punitive U.S. sanctions so far over the unrest in Ukraine, even as some of his closest allies fretted publicly over the risk of isolation from the global economy. Russian stocks fell to a six-week low and the ruble weakened the most against the dollar in four months after the U.S. curbed financing options for some of the country's largest corporations, including oil producer OAO Rosneft, gas company OAO Novatek and lender OAO Gazprombank.The penalties are reversing two decades of Russian integration with the global economy and represent the biggest blow to Russian businesses since the collapse of the Soviet Union, worse than the financial crises of 1998 and 2009, said a billionaire who's among the 20 richest men in the country.Russia's largest businesses will continue to suffer because Putin will only harden his stance, he said.This means that the U.S. will probably impose harsher sanctions later this year that will target whole sectors of Russia's $2 trillion economy, which the EU matching to a lesser degree, Eurasia said in a research note.The new U.S. sanctions will prevent Rosneft, Novatek, Gazprombank and state development bank Vnesheconombank, or VEB, from accessing U.S. debt markets for new financing with maturities longer than 90 days.
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