RUSSIAN SANCTIONS TO 'COST EUROPE €100BN

Article

The study, by the Austrian Institute of Economic Research (WIFO), suggests that sanctions and Russian countermeasures risk significant export revenue and economic growth. Using data from early 2015, it predicts job losses in the EU and Switzerland, mainly from reduced exports and tourism.

Germany faces the highest job risks, with 465,000 jobs in jeopardy, followed by Poland (335,000) and Italy (215,000). Spain and France also face significant losses. The UK could lose 110,000 jobs. In terms of export revenue, Germany is most affected, potentially losing 1.6% over the coming years. Smaller countries like Estonia could see a 16% drop in export revenue.

Switzerland, not an EU member but supporting sanctions, risks 40,000 jobs. The EU hasn't officially reported the sanctions' impact, but Russian leaders acknowledge they hurt both Russian and European economies. Putin predicted a two-year recovery period for Russia's economy.

Name

RUSSIAN SANCTIONS TO 'COST EUROPE €100BN

Description

The last article discussed a study by the Austrian Institute of Economic Research (WIFO), which was reported by the German newspaper Die Welt. This study estimated that the European Union (EU) could potentially lose €100 billion and two million jobs due to trade sanctions imposed on Russia. These sanctions, along with Russian countermeasures, were a response to Russia's actions in Ukraine. The study suggested that the loss of the Russian market, mainly through reduced exports and tourism, could significantly impact jobs across EU member states and non-member Switzerland.

Types

Article

Authors

Damien Sharkov

Publish date

Month

Day

2015

Year

Publisher

Newsweek

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