Russian stocks down as banks suffer amid sanctions

By Nataliya Vasilyeva

Published March 21, 2014 2:23pm ET

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Russian stocks down as banks suffer amid sanctions — Russian President Vladimir Putin chairs a meeting with Security Council members in the Kremlin in Moscow, Russia, Friday, March 21, 2014. There is no need for Russia to further retaliate against U.S. sanctions, President Vladimir Putin said Friday as Russia's upper house of parliament endorsed the annexation of Crimea from Ukraine. | (AP Photo/RIA-Novosti, Alexei Druzhinin, Presidential Press Service)

MOSCOW (AP) — Russia conceded Friday that it may scrap plans to tap international markets for money this year as it counts the cost of the sanctions imposed in the wake of the annexation of Crimea.

Fears over Russia’s economic outlook have ratcheted up this week as the country absorbed Crimea following Sunday’s hastily called referendum which overwhelmingly supported the move. The West considers the vote illegitimate and has slapped on sanctions in response.

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Crimea Russia Sanctions