The sanctions imposed by the European Union against Russia over its stance on the Ukraine crisis and Moscow’s countermeasures will cost Europe €100 billion and endanger over 2 million jobs.
Austrian Institute of Economic Research (WIFO) released its forecast on the EU economy’s development amid deteriorating relations between the West and Russia.
WIFO said that “the fall in exports, which we saw in its worst manifestation in the autumn of last year, is currently a reality. Unless the situation is reversed radically, we’ll most likely be confronted with the most pessimistic scenario.”
Russia introduced a package of counter-measures in August last year in retaliation to the sanctions imposed by the United States, Australia, Canada, the European Union and Norway against Moscow over its stance on developments in neighboring Ukraine.
Russia’s counter-sanctions involve a one-year ban on food and agricultural imports from the countries that slapped sanctions against Moscow.