The EU has calculated losses from sanctions against Russia
Austrian Edition Standard published results of calculations of European losses from sanctions and counter-sanctions of Russia. The study was carried out by the Institute of Economic Research (WIFO). “Europe lost about four hundred thousand jobs, production fell by seventeen and a half billion euros,” the publication says.
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“One of the leading EU countries, Germany, lost about a hundred thousand jobs and suffered losses of about six billion euros. Austria suffered just over half a billion euros and lost seven thousand jobs. In addition, Austrian exports to Russia fell by almost forty percent compared to 2014,” the publication writes.
However, in the Standard article, not everything is so clear - it also presents the results of another study by the Institute of Economic Research. “Even without the introduction of sanctions, trade with Russia would have fallen due to the low price of oil, and, as a result, the high cost of European goods for Russians,” the authors of the material convince readers.
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