Russian pipeline monopoly CEO: Sanctions 'will not affect us'

Russian pipeline monopoly CEO: Sanctions 'will not affect us'
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The CEO of Russia’s pipeline monopoly reportedly said that the new U.S. sanctions legislation will not affect his company.

"This will not affect us in any way. We have already considered and studied all this," Nikolai Tokarev said Thursday, as reported by Reuters. "I believe these sanctions will not acquire a painful and sensitive form to hurt us."

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Tokarev’s comments come one day after President Trump unenthusiastically signed a sanctions bill, which would restrict his ability to lift penalties on the Kremlin without Congressional approval. Trump released a statement after signing the bill attacking Congress for weakening his ability to negotiate with Moscow.

Tokarev said that approximately 94 percent of the equipment his company utilizes is made in Russia.

"Furthermore, we do not attract external financing, we take no loans, we have enough of our own funds,” he added. 

Russian Prime Minister Dmitry Medvedev on Wednesday condemned Trump’s signing of the sanctions bill into law, saying it showed weakness and amounts to “a full-fledged economic war” on Moscow.

Medvedev also said Russia will work on economic development to counteract the sanctions, echoing a suggestion last week from an advisor to Russian President Vladimir Putin that the Kremlin must institute reforms after its next presidential election to offset the sanctions.