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

Bulgaria Feels Pinch of Russia Sanctions
8.12.2014 11:40
Bulgaria Feels Pinch of Russia Sanctions
Photo Credit:

Bulgaria is complaining the EU sanctions on Russia are having a toll on its economy.

      Its Prime Minister told a press conference in Brussels that ‘Bulgaria is affected severely’ by the restrictions.

      Russia accounted for 2.7 percent of Bulgaria's exports in 2013, which mostly included machinery, pharmaceuticals and agricultural produce.

      “Bulgaria's exports to Russia were down 22 percent in August from a year earlier, while overall EU exports to Russia were down 18 percent, according to the EU statistics office Eurostat,” says a report by the Voice of America.

      “Due to the embargo, we cannot export meat ... Bulgaria is facing not only political and economic and financial problems, we are facing global problems and that is why we need serious support,” Borisov was quoted by VoA as saying.

      The number of Russian tourists is likely to fall in future because of the weakness of the rouble. Also, Russia said it would scrap its South Stream gas project that was supposed to run via Bulgaria.

      Russia has sparked a wave of criticism after it incorporated Crimea into its territory following a referendum on the peninsula with a large ethnic Russian population.

      The US and the EU imposed a raft of sanctions on Russian officials and individuals with close ties to the Kremlin.

      The US also put space and military cooperation on hold, followed by some of its NATO allies, including the UK.

      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 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.


Author: Mikhail Vesely

Tags: Crimea     

Next Previous

You might also find interesting:

A Special Group in the UK will Monitor Financial Flows from Russia

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

search on the map
Exhibitions in Moscow  Russian Museums   Russian art  Russian Cinema  wedding  Internet in Russia  Travel  Pussy Riot  Innovations  Censorship  Video Exhibitions  Spartak Moscow  Andrei Panin  School education  Russian politics  Olympic Games 2012  Russian FMCG market  Russia - My History  Golden Ring  Mikhail Boyarsky  travel to Russia  Andrei Stolyarov  Moscow  Russian souvenirs  Vladimir Medinsky  Russian business  Melihovo  Russian regions  Russian actors  Alexander Tvardovsky  Moscow hotels  Remote Earth Sensing  St. Petersburg  Festivals in Moscow  Russian ballet dancers  Chelyabinsk Zinc Plant  Yermak  Murmansk Region  Mercedes-Benz Fashion Week Russia  Russian tourism  Popigai Crater   Alexey Navalny  Russian political parties  criminality  Narimanov  buy Russian designers  Sokolniki  Mikhail Yefremov  Melanie Diener  Interactive Maps 

Travel Blogs
Top Traveling Sites