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EU, Russia Trade Takes Toll Amid War of Words
16.05.2014 21:24
EU, Russia Trade Takes Toll Amid War of Words
Photo Credit: http://www.enpi-info.eu

Trade between the EU and Russia fell sharply in 1Q 2014, echoing a sour political relationship between Moscow and Brussels split over the Ukraine crisis.

      According to Eurostat, EU imports from Russia dropped more than 9 percent in the first quarter of this year totaling €49.1 billion in March, versus €54.4 billion in the first quarter of 2013.

      As Euractiv.com points out, in 2013 the EU only had 27 members, which means the slide is in fact “even more significant”.

      EU exports to Moscow saw a 10.5 percent decrease, shrinking from €28.7 billion to €25.6 billion.

      “Overall, the EU deficit with Russia now stands at €23.5 billion, compared with €25.7 billion in the first quarter of 2013,” adds Euractiv.com.

      This doesn’t help boost the EU economy, which might be another reason why the bloc is reluctant to go ahead with the sanctions against Russia’s energy sector.

      Earlier, Russia-IC reported that the EU energy commissioner ruled out such sanctions.

      “The question of security of supply is not primarily a matter of coal or oil but gas is what is in the forefront. Our Russian partners are the most important suppliers of gas to the markets of the European Union,” Guenther Oettinger was quoted by Bloomberg as saying.

       




Author: Mikhail Vesely

Tags: Russia-EU relations Ukraine crisis Crimea Gazprom  

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