Crimea prepares for referendum

Sanctions will not have big economic impact on Russia: economy minister

People take part in an anti-war rally in Moscow on Saturday. Participants, including opposition activists and supporters, protested against the incursions of the Russian army into Ukraine’s Crimea, according to organisers. — Reuters photo

Pro-Russian leaders in Crimea made final preparations on Saturday for a referendum widely expected to transfer control of the Black Sea peninsula from Ukraine to Moscow, despite the threat of sanctions and condemnation from Western governments.
Sunday’s vote, dismissed by Kiev as illegal, has triggered the worst East-West crisis since the Cold War, and ratcheted up tensions not only in Crimea but also eastern Ukraine, where two people were killed in clashes late on Friday.
Meanwhile, around 50,000 people rallied in central Moscow on Saturday in protest at Russia’s intervention in Ukraine, a day before the Crimean peninsula votes on switching to Kremlin rule, AFP reported from Moscow.
Planned western sanctions against Russia after a secession referendum in the Ukrainian province of Crimea on Sunday are unlikely to have a major economic impact, Russian economy minister Alexei Ulyukayev said.
French President Francois Hollande said on Saturday Paris would review its military cooperation with Russia as part of a third level of sanctions if Moscow did not de-escalate the crisis in Ukraine.
Investors in Russia are concerned about the effect of the measures that may be levied against Moscow in retaliation for Russian forces taking control of Crimea, which is holding the vote on whether to become part of Russia.
On Monday — March 17 — the United States and European Union are expected to unveil a list of Russian officials who will be subject to asset freezes and visa bans as Western nations attempt to step up pressure on Moscow.
The streets of the Crimean capital of Simferopol were calm on Saturday, despite a heavy military presence incongruous with the normally sleepy town.
Most of Crimea’s electorate of 1.5 million is expected to choose joining Russia in the referendum, reflecting an ethnic Russian majority. For many locals, the choice is as much economic as political. Reuters . Simferopol, Ukraine