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West Split Over New Russia Sanctions - WSJ
26.01.2015 13:44
West Split Over New Russia Sanctions - WSJ
Photo Credit: http://24smi.org

The West appears to be split over new sanctions against Russia following an artillery attack against the Ukrainian port of Mariupol that Kiev blames on the anti-government forces, says a report by the Wall Street Journal.

      According to it, the EU is undecided about new restrictions and the US is unlikely to pursue further sanctions without Europe being on its side.

      Russia has been adversely affected by economic restrictions imposed by the West. The Russian national currency took a severe hit after oil prices plunged from around $105 to below $50.

      Russia 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 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.

       




Author: Mikhail Vesely

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