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Putin: European economy lost €500 bln because of Russia

At his annual media conference on December 20, Russia’s President responded to various questions, presidential web page reports. When asked about anti-Russian sanctions, he noted, “Throughout virtually its entire history, Russia has faced various restrictions and sanctions. It is related to Russia’s growing might and its greater competitiveness. A mighty and powerful player is emerging, one that has to be reckoned with, even if others would rather not.”

According to the President, “The sanctions also affect those who introduced them. According to the European Parliament, the European economy lost around €500 bln due to the sanctions against Russia because they lost our market, they under-export and they under-import certain goods from us. The number of jobs has dropped. It is significant for them because many EU countries suffer from a very high unemployment rate. And the development of global trade, which lost over 400 bln, is also a result of such an unpredictable policy, including sanctions. This policy is harmful to everybody.”

He also stressed that national economy “Has adapted to this. Yes, there are some adverse effects but there are also positive sides to these sanctions. The share of Russian transport machine building was 98% in 2017. Automobile production accounted for 85%. Several other key areas accounted for around 80%.”

“Since 2000, the amount of exports has increased 16-fold, which is just unbelievable. There are negative and positive sides but in any case, we would like the world economy to develop without any shocks, unlawful measures or external restrictions,” he said.

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