The West to extend sanctions against Russia

May 27, 2016 11:58 am

Who does political tensions between Russia and the West damage the most?

The G7 countries (UK, Germany, Italy, Canada, US, France and Japan) have agreed to extend sanctions against Russia in June, TASS quoted the UK Prime Minister David Cameron as saying on Friday.

“On Russia, the G7 has agreed on the vital importance of sanctions rollover in June,” Cameron said at a press conference after the G7 Summit in Japan. According to him, G7 is clear that existing sanctions mus remain in place until the Minsk agreement is fully implemented.

Speaking at the G7 summit German Chancellor Angela Merkle said it is too early to talk about lifting the sanctions. Earlier, the chairman of the European Council Donald Tusk was advocating on the extension of anti-Russian sanctions.
On Thursday, German Foreign Minister Frank-Walter Steinmeier said that growing dissent among EU member states on economic sanctions against Russia will be an obstacle to automatically prolonging them when they expire on July 31. A number of EU countries, including Italy, Hungary, Cyprus, Slovakia, and Greece called for a political solution and dialogue with Russia, rather that turning to restrictive measures which also hurt the nations who impose them.

At yesterday’s IV Eurasian seminar in Rome, participates have reflected at the negative situation in bilateral trade between Russia and Italy. “During the first quarter of this year the trade turnover fell almost by half compared to the first quarter of the previous year,” Russian Ambassador to Italy Sergey Razov said during the Eurasian seminar.

“It worth saying that the trade, for example, with China have decreased by 12%, while with the US – by 22%, so one could conclude to who sanctions are causing more damage,” he said.

According to the analysis conducted by Banca Intesa Russia on the data published by ISTAT (Italian Institute of Statistics), in 2015, the trade turnover between Russia and Italy decreased by 25.2% compared to the previous year and amounted to slightly more than EUR 7 bln. At the same time, political tension between Russia and the West substantially affected Italian trade relation with countries participants of the Eurasian Economic Union (Russia, Kazakhstan, Belarus, Armenia, Kyrgyzstan). last year the trade turnover fell by 18.3% compared to 2014 and amounted to little more than EUR 25 bln.

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