“EEU is looking over the sanctions”

Today, in Rome, the IV Eurasian seminar will speak on Russia, the EU, and sanctions
“EEU is looking over the sanctions”
26 May 10:04 2016 Print This Article

“Anti-Russian sanctions are not blocking the country in developing its economic relations with East and Middle East countries anticipating the emergence of a new geo-economic map,” the president of the Association Conoscere Eurasia and Banca Intesa Russia Antonio Fallico has opened the IV Eurasian seminar, organized by Association Conoscere Eurasia , St. Petersburg International Economic Forum and Roscongress with participation of Intesa Sanpaolo, Banca Intesa Russia and Gianni Origoni Grippo Cappelli & Partners.

“Despite economic tensions between the EU and Russia (the driving force behind the Eurasian integration) that substantially influenced the trade between Italy and the EEU, the five member states are not standing still but continue with common reforms promoting greater competitiveness and growth and getting involved with key global partners such as China, India, Israel and Iran,” Mr. Fallico said at the seminar.

He also named some data. In 2015, trade turnover between Italy and the EEU fell by 18.3% reaching hardly above 25 billion euro, mainly due to constantly falling exports (-22.7%) that sloped to 8.4 billion euro. Imports fell by some 15.9%. This negative trend in many ways is caused by the policy of sanctions adopted in the EU and consequent restrictions applied by Russia.

The Association Conoscere Eurasia has conducted a study based on Istat data which reveals that, in 2015, Italian exports to Russia dropped by some 2.4 billion euro (-25.2%) compared to the previous year reaching only 7.1 billion euro. Therefore, Mr. Fallico proposes that, while “waiting for Europe to change its mind, there is an urgent need to start a constructive dialogue with Russia – the driving force behind the Eurasian integration”. In this frame, the St. Petersburg International Economic Forum is showing up very opportunely in June (16-18 June). “Italy is a partner to the Forum this year and is an awaiting guest. That put it in a leading position that could bring it to become a common voice of Europe. Indeed, the Association Conoscere Eurasia on behalf of Roscongress is working on the Italian Pavilion which will host dozens of Italian companies interested to work in Russia. The Pavilion will transmit Italian technologies and know-how necessary for the diversification of the Russian economy presented in five distinctive clusters, namely high-tech, energy, agro-industry, infrastructure and finance,” he said.

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Cecilia Valentini
Cecilia Valentini

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