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HOTTER ON METALS: Russian sanctions costly for all
July 24, 2014 - 06:19 GMT
Economic interdependence between Russia and the European Union means sanctions carry a price to both sides.
So far, the EU sanctions have focused on travel bans and
asset freezes on members of president Vladimir Putin's inner
circle. The short term impact was market volatility but not
harsh enough to be significant. With the US going further last
week, adding individuals and significant companies to the
off-limits list, the pressure has been on the EU to do the
same. But politics is getting in the way. The rights and wrongs
of the situation in eastern Ukraine aside, the economic
vulnerabilities of some EU nations and their reliance on Russia
for business and jobs has created tensions between member
states and delayed the introduction of a package of further
significant restrictive measures. France has contracts to
deliver helicopter assault ships to Russia worth $1.3 billion,
for instance, and is reluctant to let these lucrative
agreements go. Business groups in Germany have meanwhile warned
that 25,000 domestic jobs are...
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Euromoney Institutional Investor PLC.
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