Russian Exporters Lost more than $6 bln Due to Economic Sanctions

Russian exporters lost $ 6,3 bln due to western economic sanctions, Interfax reports, citing a report by the Ministry of Economic Development of Russia. The monitoring data is as of end of 2018. The report says that the European Union ranks top in terms of the number of restrictions (25). Ukraine imposed 22 restrictions and took the second place; the third is India, which introduced 16 restriction measures. The United States is not even in the top five: the country has imposed only nine sanctions that affect Russian exporters. At the same time, it was the U.S. sanctions that caused the exporters substantial financial damage, estimated by the Ministry of Economic Development at $ 1.1 billion. Almost $ 2.5 billion is the damage caused by measures imposed by the EU to Russian manufacturers. The heaviest blow was dealt to Russia’s metallurgy industry, which lost more than $3.99bln and the agricultural industry sustained damage to the tune of $1.1bln. By the end of 2018, 62 countries imposed a total of 159 restrictions against Russian goods. Source: svoboda.org