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    January 6, 2017

    Anti-Russian sanctions annihilated 400,000 jobs in Europe

    January 6, 2017 - Fort Russ News -

    - Thorsten Gutman, in ostexperte.de translated from German by Tom Winter -
    President Putin with Frank-Walter Steinmeier  

    Russia sanctions destroyed 400,000 jobs in Europe 

    As a result of the EU sanctions against Russia, 400,000 jobs were destroyed in the EU-27 (excluding Croatia). This is reported by the daily Die Standard, which in turn refers to a study by the Austrian Institute for Economic Research (Wifo). 

    Overall, the Wifo calculated a drop in economic output by 17.6 billion euros for the year 2015. Germany and France are the most affected.The European sanctions against Russia have especially hit Germany, according to the Wifo. In 2015, German economic output had contracted by slightly more than six billion euros. An estimated 97,000 jobs were destroyed. 

    In neighboring Austria, the economic output in 2015 was down about 550 million euros. There, approximately 7,000 employment relationships were dissolved.

    From Wifo "complex econometric models" it is clear that the Russian-European trade relations also suffered even without the punitive measures. The reason for this was the fall of the ruble and the fall in oil prices.

    In the EU area, only 44 per cent of the drop in economic output is directly attributable to the sanctions, the institute calculated. Even without the punitive measures against Russia, the companies in Europe had recorded an export collapse of around 22 billion euros.

    EU extended sanctions against Russia

    Shortly before Christmas, the EU extended its economic campaign against Russia. The reason for the sanctions is the Russian participation in the Ukraine conflict. As a punitive measure, funding opportunities of Russian financial and industrial groups were restricted.


    There are also export and import bans for goods which could have military use ("dual use"). E.g, high-technologies for oil drilling are no longer allowed to be imported into Russia. As a counter-measure, Russia has issued an import ban on agricultural products from the EU.

    Austria: Foreign Minister ready to relax anti-Russian sanctions***

    As the Chairman of the OSCE, Austria's foreign minister [Sebastian Kurz -- tr] wants to work towards easing Russia's for each positive sanctions. He links this to progress in Ukraine: "For each positive step on the ground, we should gradually ease the sanctions." Also, in the summer of 2016, the German Foreign Minister, Frank-Walter Steinmeier, commented: "If we make significant progress, there is nothing to prevent gradually slackening the sanctions. "
    ________________________
    ***
    Translator comment: I'm afraid this means progress in fulfillment of Minsk II, to which Russia is not a signatory, though it is the country sanctioned. Actual "positive progress on the ground" would be the cessation of the bombardment of Donetsk and Lugansk, which they are blind to. I.e, the condition of progress in Ukraine essentially means they have no intention of relaxing the sanctions. 

    If the sanctions were on the Kiev regime, this would make sense; they aren't, and it doesn't.

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    Item Reviewed: Anti-Russian sanctions annihilated 400,000 jobs in Europe Rating: 5 Reviewed By: Tom Winter
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