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


4 Aspects of Intl 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: Crimea US sanctions    

Next Previous

You might also find interesting:

Nokia Concerns Russian Localization Sochi Winter Olympics 2014 - Medals and Winners (daily updates) Buzz Barometer: Inside Russia Calling! Forum Forbes: Magnit - the Most Innovative World economic crisis 2008: Russia will outstay









Comment on our site


RSS   twitter   facebook   submit

Bookmark and Share

search on the map
TAGS:
New Museums  Khabarovsk  Education Law  travel to Russia  Russian regions  Russian singers  Russian society  Yehuda Pen  Voronezh   Woodwork  Pussy Riot  Horror Fiction  Alexander Tikhomirov  Tula  Alexander Pushkin State Museum  Alexander II  Tomsk  Hotel Rossiya  Darwin Museum  Roof Landscaping   Tiles  Cryptocurrency  Perm Krai  tourist crisis  Festivals in Sochi  Pablo Picasso  Russian Poetry  Russian Nature  Russian opposition  Arts and Crafts  Russian winter  Moscow Museum of Modern Art  Festivals in Moscow  Flea Market  Contact Group  Russian transport  Volgograd  Mercedes-Benz Fashion Week Russia  The Guardian  Exhibitions in Moscow  sanctions  Alexander Vakhrameyev  Russian Cinema  Russian tourism  Russian business  Moscow  Rostov  adoption ban  St. Petersburg  Elabuga 


Travel Blogs
Top Traveling Sites