Russia Vows ‘Boomerang’ Retaliation as U.S. Widens SanctionsFresh on the heels of a recent report that Russian President Vladimir Putin has drafted a bill that aims to eliminate the US dollar and the euro from trade between CIS countries.   that means the creation of a single financial market between Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other countries of the former Soviet Union.

Now according to sources, Russia said it will retaliate after the U.S. widened sanctions by targeting more companies, including subsidiaries of state oil producer OAO Rosneft and entities controlled by an ally of President Vladimir Putin. “In this case, we are operating on a principle of reciprocity,” Putin’s spokesman, Dmitry Peskov, said on a conference call with reporters on Wednesday. The Russian Foreign Ministry earlier said the U.S. is contradicting its stated intention of cooperating on major international crises such as Syria.

Russia’s relations with the U.S. and the European Union plummeted to their lowest since the Cold War following Putin’s annexation of Crimea after Kremlin-backed Ukrainian President Viktor Yanukovych was ousted from office last year. The U.S. and the EU have limited some Russian companies’ access to borrowing and barred technology transfers to energy producers in response to Putin’s support for a separatist insurgency in eastern Ukraine. FULL REPORT