Add to favorite
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

Switzerland Remains Neutral in Sanctions War
20.08.2014 15:05
Switzerland Remains Neutral in Sanctions War
Photo Credit:

Switzerland has rejected pleas from other European countries hit by the Russian food embargo to export their products via its territory in the latest twist of the sanctions war, says The Wall Street Journal.

      Earlier, Switzerland announced it will not help Russia to bypass the EU’s restrictions, either.

      The appeal comes after the Russian government introduced a food ban from the countries that issued sanctions against Moscow over its alleged role in the Ukraine crisis.

      There’ve been many projections of the economic effect of the sanctions. Some said they will hurt the Russian economy by €23 billion this year (1.5 percent of its GDP) and €75 billion in 2015 (4.8 percent of its GDP).

      According to The Economist, the pain Russian firms will suffer from these sanctions could go up to one trillion US dollars (€744bn).

      But one thing is certain – the EU will also be hurt by the capital markets restrictions and trade bans for defense, high technology and goods that can be used both for military and defense purposes.

      There’s been a lot of concern from southern member states, including Greece and Italy, where fragile economic growth could give way to recession.

      In Germany, the Committee on Eastern European Economic Relations, a powerful lobby group, said about 350,000 German jobs are under threat.


Author: Mikhail Vesely

Tags: Russian economy Russian sanctions EU sanctions US sanctions Ukraine crisis 

Next Previous

You might also find interesting:

Russia and Luxembourg have Changed the Rules of Double Taxation
Danish Energy Authority Confirms the Completion of Nord Stream 2
US Warns Participants of the Nord Stream 2 about the Threat of Sanctions
Germany Approved the Creation of a Fund to Support Nord Stream 2
56 OPCW Member States Criticized the Poisoning of Alexei Navalny

comments powered by Disqus

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

Galina Vishnevskaya  VAT  business  Russian exhibitions  Moscow Metro  Mikhail Yevdokimov  Russian roads  games  Johnny Hallyday  Russian business  Exhibitions in Moscow  Installations  Russian economy  Ruskeala Mountain Park  Modern Art  Tver  Aeroexpress  Armen Dzhigarkhanyan  Russia-Latvia  Vladimir  Karelian Cuisine  Great People of Russia  travel to Russia  Russian Cinema  Mikhail Sholokhov  Russian universities  Mercedes-Benz Fashion Day  Chelyabinsk regional museum   St. Petersburg  Science  Sokolniki Park  Debts  Clean City  Russian regions  Russian women  Dyagilev Festival  Transsiberian Route  Festivals in Moscow  Russian Museum  City Wi-Fi   Sochi Olympic Games 2014  Sverdlovsk region  Russian tourism  Shushensky Bor  Mercedes-Benz Fashion Week Russia  Republic of Tatarstan  Astrakhan  Moscow  ecology  Russian ethnoparks 

Travel Blogs
Top Traveling Sites