Russian Sanctions Damage European Economy

• 05.05.2015, 23:32
•  Europe,  Region,  World

European Union bans against Russia have been condemned by a German lawmaker Franz Wiese saying that it is destroying the European businesses. There are dozens of cases of bankruptcies. Anti-Russian sanctions policy which is approved by the EU and conduced by German Chancellor Angela Merkel is destroying small and medium businesses in Germany and in other countries of Europe, Presstv reports.

President of Czech Republic Milos Zeman in his turn also criticized the Western sanctions on Russia. He described the policy as counterproductive and provocative. The president also agreed on immediate lifting of such bans.

The sanctions against Russia by West were several times strengthened. The EU and U.S. were accusing Moscow for engaging in the crisis in Ukraine. As the reality has shown the economic sanctions against the political war does not work in a proper way. As it is visible and measurable both sides are losing. The game that was designed to have losers and winners,actually turned into a lose-lose situation.

As a counterblow Russia also took an operation against Western powers. The country imposed food bans on the U.S., the EU, Australia, Canada and Norway for one year; it has started since last year August. All these countries have lost their markets in Russia. Russia received a quarter of its food products from the EU nations, now it is under sanctions. So, it is a huge damage for thousands of agricultural industries in Europe. Russia said on April that it will increase the existing bans on the import of fruits and vegetables from Bulgaria, because there is a concern that the country may try to send European products into Russia with false documents.

Europe in its turn can see and understand the damages of the sanctions against Russia on its own country’s economy. The sanction by West can not be extended long any more, moreover the sanctions policy has not changed the situation in Ukraine during the whole year. The economic war does not work in this case; it brings mutual scratch for both sides. It seems that Germany is coming closer to break the situation. Canceller Angela Merkel a few days ago announced about her visit to Moscow on May 10. She is visiting Moscow to participate in the ceremony commemorating the 70th anniversary of the Victory of Great Patriotic War. She is going to put flowers with President Vladimir Putin on the grave of the Unknown Soldier. This visit is a sign of rebuilding Russian-German relations.