Sunday, June 21, 2015

Continued sanctions against Russia estimated to cost the EU over $100 billion in export revenues

There is an old saying that outrage and activism only last until it begins to effect one’s bottom line.  And with the European Union agreeing to extend U.S. led economic sanctions against Russia and the Crimea until January of next year, the question exists on how long Europe can sustain this political stance, especially as their businesses are expected to lose over $100 billion in export revenues because of counter sanctions imposed by President Vladimir Putin.
 
In a report on June 19 by the Austrian Institute of Economic Research, lost revenues to EU businesses from past and future sanctions are expected to cascade to over $100 billion, and in the long term may create a future where Russia replaces these exports permanently with food, resources, products, and commodities from elsewhere.
 

 

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