Add to favorite
 
123
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS


4 Aspects of Sanctions On Russia
December 8, 2014 13:06


Photo Credit: http://www.nbcnews.com
ABC News looks at the impact international sanctions are having on Russians.
Its reporter, Susanna Kim, talked to several financial analysts to discuss the patterns of the economic development following several rounds of restrictions imposed by the US, Canada, the EU, Japan and Australia.
1. A contracting Russian economy
GDP could actually go down 0.8 percent in 2015 while the country continues to rely heavily on commodities whose falling prices push pressure on the rouble. The national currency has shed some 40 percent of its value over the past year.
2. A hit on Europe
Europe is suffering, too, unlike the US, which doesn’t have significant trade with Russia.
3. Boosting China
The sanctions are a "big plus" for China, which will be an energy market of greater interest to Russia, Kim quotes an expert as saying
4. Russian political power
Sanctions are used as a propaganda tool to justify antagonistic behavior, so the Kremlin is unlikely to change its course.
Earlier, Russia-IC reported that 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. 




Author: Mikhail Vesely

Tags: Russia International sanctions    

Next Previous

You might also find interesting:

Anti-Russian Sanctions Cost the EU Countries More Than 30 Billion Euros Transparency International: Annual Report on the Level of Corruption Buzz Barometer: Russia Unsheathing Energy Weapon - FP In the Period of Low Oil Prices, Gold and Foreign Currency Reserves of the Central Bank Fell by $ 142 Billion Russian Car Market









Comment on our site


RSS   twitter      submit



TAGS:
Malina-Jazz   Tsaritsyno  Crimes  Russian business  Sukhoi Civil Aircraft  Russian sportsmen  Nilo-Sorskaya Hermitage  Chekhov International Theater Festival  Victor Rashnikov  ractopamine  Krasnodar Territory  Albina Matveyeva  Russian scientists  Russian oil companies  Russian Cinema  FIFA World Cup 2018  Street Piano Festival  Ilya Shiyan  Leo Tolstoy  Galina Ulanova  Republic of Tatarstan  wedding  Moscow  Winzavod  Russian science  criminality  Russian tourism  Exhibitions in Moscow  St. Petersburg  Kuzminki Park  Russian government  Veliky Novgorod  Moscow planetarium  International Numismatic Club Museum  Russian universities  Mercedes-Benz Fashion Week Russia  Space Physics  environment  Russian economy  Peterhof  Russian education  Tokarevsky Lighthouse  Yakutsk  Vologda  Meteor Shower  Fashion  Belomorskaya station   Snowman  Photo Exhibitions  St. Petersburg Parks  


Travel Blogs
Top Traveling Sites