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Russian Sanctions Could Cost Poland 800 MLN
22.08.2014 22:21
Russian Sanctions Could Cost Poland 800 MLN
Photo Credit: http://www.kyivpost.com

The Polish economy could lose as much as 800 million euro due to the Russian food embargo, according to the Polish Federation of Food Producers.

      The exact figures could be different – the current projection is based on the annual turnover of the goods that fall under Moscow’s sanctions. The Federation hopes to find new markets but it could take several months and involve a lot of paperwork, including getting certificates. The organization also expects to get compensation for the losses from Brussels.

      In 2013, Poland exported 1.3 billion euro worth of food, with fruit and vegetables accounting for more than a third of the total turnover.

      Poland is not alone in its concerns – Italy, Greece, Spain and Finland have deplored the sanctions war that is ongoing between the West and Russia.

      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 sanctions EU sanctions Crimea Ukraine crisis  

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