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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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