Power Trend's Versace: Sanctions Can Cause Russia Real Pain

Tuesday, 22 Jul 2014 08:30 PM

By Sean Piccoli

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Economist and Forbes contributor Chris Versace, author of the monthly Power Trend Profits newsletter, told Newsmax TV on Tuesday that Russia will feel the bite of sanctions — especially if the U.S. keeps ramping them up to cover larger sectors of that country's economy, and if the European Union follows suit.

Versace noted that already, there's been progress toward a fuller investigation of the downing of a Malaysian passenger in Ukranian territory held by Russia-backed separatists — a development that suggests some relenting by Russian President Vladimir Putin.

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Versace said the risks for European countries that cross Russia are greater than they are for the U.S., because Europe is the much bigger trading partner to Russia, and is far more dependent on Russian supplies of oil and gas.

But he said it's easier for Europe to be "kind of poking the bear" now, in warmer months when demand for oil is lower, than it would be in the wintertime.

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