Anti-Russian Sanctions: EU Countries Suffer Losses
OREANDA-NEWS The German economy loses 727 million dollars a month due to anti-Russian sanctions. The experts of the Kiel Institute of world economy estimate the loss of Germany in this amount.
As noted by Deutsche Wirtschafts Nachrichten, this amount is 0.8 percent of the total exports of Germany. Analysts say that Berlin bears almost 40% of the total losses of the West from the deterioration of economic relations and trade with Russia.
At the same time, now the main damage is caused not by the sanctions themselves, but the associated withdrawal of German banks from Russia, said the expert of the Institute Julian Hinz.
Russian Prime Minister Dmitry Medvedev stated that after the announcement of sanctions, the trade turnover of Russian companies with partners from the European Union fell by almost half.
"It was 430 billion euros, and at some point fell to 220-230. The question arises: what has Europe lost in this? And she lost her jobs. Lost profit. Lost confidence, " said the Russian Prime Minister in an interview with Euronews in the end of October.
According to him, the American business, unlike the European one, does not suffer much because of the sanctions.
"The trade turnover with the US is about 20 billion dollars. It's nothing. Trade with the European Union is much higher. Forty-five percent of Russian trade is with the EU. This is hundreds of billions of euros, " Medvedev said.
Relations between Russia and Western countries deteriorated after the coup in Ukraine and the reunification of Crimea with Russia. Sanctions were imposed against Moscow in connection with accusations of interference in the internal policy of Ukraine.
The Kremlin has repeatedly stressed that Russia is not involved in the internal Ukrainian conflict, and the Crimea became part of Russia democratically — following the referendum.
Against the background of the aggravated contradictions, Russia took retaliatory measures and set a course for import substitution.