Italy’s PM criticises economic sanctions against Russian Federation

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Brussels imposed sanctions on Russian Federation in 2014 over its annexation of Crimea and is moving towards renewing them when they expire at the end of January.

"Italian business leaders have said companies have lost billions of euros because of the sanctions". "If we are asked to confirm (the sanctions), we will say no", Salvini said in an online media post from Moscow. "The new government must respect the word in the global context and in Europe, especially when they themselves adopted the Commission's recommendations for 2018 and 2019", he added. The vote delivered an inconclusive result and the parties formed a coalition, one that has since caused consternation in Brussels for its euroskeptic rhetoric and big spending plans.

Late on October 15 the coalition approved the 2019 budget bill that boosts welfare spending, cuts the retirement age and hikes deficit spending.

Its key measures include a basic income for the poor, a partial amnesty for citizens who settle tax disputes with the authorities, and tax cuts for the self-employed.

His remarks came as European Union leaders raised concerns about Rome's extravagant budgetary plans that could further increase Italy's public debt, which, at 133 percent of gross domestic product, is the largest in the EU after Greece.

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Still, Di Maio and Salvini remain in disagreement over fiscal measures to be included in the budget law, newspaper la Repubblica reported Monday morning without citing its sources. "We will discuss and we will reply to these considerations", Conte told reporters.

"This is the outcome of a lot of work and a lot of meetings that we have transparently made public".

At the same time the 19 countries sharing the euro want to integrate more deeply in economic terms, by giving more powers to their bailout fund ESM, setting up a euro zone budget and a euro zone-wide deposit insurance scheme. The budget proposes increasing both Italy's overall government debt and its deficit in the short run, pushing the deficit as high as 2.4% of GDP over the coming years.

The Commission says the budget is likely to breach European Union fiscal rules and increase debt.

"I do hope that at the end the war of words (will end) and that good sense will prevail and everyone will notice that this kind of budget is exactly what Italy needs to cope with its chronic lack of growth", he said in a televised interview with CNBC.

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