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Anti-Russian Sanctions Cost the EU Countries More Than 30 Billion Euros
October 16, 2017 12:37


 Anti-Russian sanctions have cost the EU countries more than 30 billion euros since 2014. This is reported by 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 decreased only 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 US dollars a month. The Russian economy, in turn, lost $ 55 billion in three years. 


Author: Anna Dorozhkina


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