Anti-Russian sanctions hurt Europe harder than expected, threaten 2.5 Mio jobs – study

Published on Russia Today RT, June 19, 2015.

The sanctions imposed by the EU against Russia and Moscow’s retaliation would cost Europeans 100 billion euros in economic development and jeopardize up to 2.5 million jobs, a new study said.  

The EU imposed the sanctions against Russia over the Ukrainian political crisis, targeting access to foreign credits and oil and gas industry. Moscow responded with countersanctions that hit European food producers. The toll the conflict takes on the EU economy is higher than Brussels initially anticipated, according to a new study by the Austrian Institute of Economic Research (WIFO).

“Our hypothesis, from last autumn, of a worsening decline in exports has become a reality,” said Oliver Fritz, one of the authors of the study, the Tribune de Genève reported.

WIFO calculated that if the sanctions are continued for the next few years, Germany would lose 465,000 jobs due to reductions of exports to Russia. Italy would lose 215,000 jobs, Spain 160,000 jobs, France 145,000 jobs and the UK 110,000 jobs.

Switzerland, which is not part of the EU but followed Brussels’ lead on sanctions, would see 45,000 jobs lost, including 5,000 in the tourism sector, the study said … //

… Other European countries like Austria and Hungary previously voiced their displeasure with the sanctions, complaining of their inefficiency and high cost for their national economies.

Earlier EU ambassadors agreed to prolong the sanctions for another six months without additional discussion. The decision is expected to be ratified by foreign ministers of member states Monday.

(full text).


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