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The Supply Of European Goods to Russia Has Fallen by Almost 16 Percent Annually
October 6, 2017 16:11


 Anti-Russian sanctions cost  the EU countries more than 30 billion Euros since 2014. This is stated in the report of the Austrian Institute of Economic Research (WIFO).

Since the introduction of restrictive measures, the supply of European goods to Russia has fallen by almost 16 percent annually. Up to 40 percent of this decline is due to sanctions. As a result, Russia ceased to be the EU's fourth largest trading partner and moved to fifth place. According to WIFO estimates, in 2014-2016, the European Union's supplies only decreased due to sanctions by 11 percent, which is 30 billion Euros.

During this period, Cyprus was particularly affected by the trade restrictions - exports to Russia fell by 35 percent, Greece (23 percent) and Croatia (21 percent). The most sensitive impact of sanctions was in 2014, the experts say. According to the UN, the sanctions against Russia cost the economy of the European Union 3.2 billion dollars a month. The Russian economy, in turn, lost $ 55 billion in three years.


Author: Anna Dorozhkina


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