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: http://www.jettravel.ru

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:








Comment on our site


RSS   twitter      submit



TAGS:
Russian economy  Curonian Lagoon  Russian Cinema  Book Festival  Metalinvestbank   Zheleznaya Mountain  Russian religion  Vladimir Mayakovsky  Icarus Animation Award  Chevrolet Niva  Norilsk Nickel  Kemerovo Region  Easter  Musicals in Moscow  biology  Ksenia Sobchak  Krasnodar places of interest  Andrey Zvyagintsev  Exhibition Fairs  St. Petersburg  Mercedes-Benz Fashion Week Russia  Russian media  Balashikha  Georgian wine  Russian science  US sanctions  cheapest flights  Chelyabinsk Region  Adler  Moscow  Robots  Russian scientists  Russian tourism  Exhibitions in Moscow  Russian Traditions  Customs Union   Bolshoi Theatre  Sergey Andriyaka  Folk Arts  Republic of Tatarstan  Kronotsky Reserve   Legal Services in Russia  Nikita Mikhalkov  Frantz Joseph Land  Vandalism  Russian business  Moscow Disneyland  Transaero  Memorial Boards  Ecopath  


Travel Blogs
Top Traveling Sites