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​EU sanctions on Crimea lead to deadlock – Republic’s head

Published time: June 24, 2014 15:48
SergeyAksyonov, Acting Head of the Republic of Crimea and Chairman of the Crimea Council of Ministers (RIA Novosti / Andrey Iglov)

SergeyAksyonov, Acting Head of the Republic of Crimea and Chairman of the Crimea Council of Ministers (RIA Novosti / Andrey Iglov)

The head of the Crimean government has stressed rejoining Russia is irreversible. Sergey Aksyonov said an EU ban on imports from Crimea and Sevastopol deprives Europe of a market and it must “realise that the regime of pressure leads to nothing good.”

Aksyonov characterized the EU sanctions targeting the new Russian territory as “a deadlock situation, including for the European Union. They [EU states] deprive themselves of markets to sell their products and of the opportunity to participate in the investment program of Crimea”.

The peninsula head suggests the EU decision to prohibit imports from Crimea was influenced by the US government.

General agitation over Crimea's accession to Russia has calmed down in the EU. As far as I understand in this case the US authorities have pushed this stance," he said.

The EU Commission imposed a ban on imported goods from Crimea following its position of not recognizing Crimea's accession to Russia.

However Crimean officials say EU sanctions won’t have any serious impact on the region’s economy.

"I do not envisage any major crisis. I do not even know which economic sector might be affected by it. Most of our exports were to Russia; now this is no longer export but domestic operations,” said Vitaly Nakhlupin, the head of the Crimean State Council's Economic Commission.

Comments (14)


Sergei Passioura 27.06.2014 03:20

State enterprises now account for more than half of the economy, up from 30 percent when Putin came to power at the end of 1999, according to BNP Paribas SA. (BNP) As the bureaucracy swelled during that period, Russia emerged as the world’s most corrupt major economy. It ranks alongside Pakistan and Nicaragua at 127th, out of 176 nations, by Transparency International, down from 82nd in 2000.
With Russia’s $2 trillion economy stagnating, fixed investment falling and the U.S. and the EU warning of a tougher round of sanctions over the pro-Russian revolt in eastern Ukraine, Putin’s solution is a list of proposals


Sergei Passioura 27.06.2014 03:17

“The measures the president is proposing will certainly limit competition and freeze modernization,” Alexei Kudrin, a Putin adviser who steered the country’s finances for more than a decade, said in an interview in Moscow. “They will lead to an increase in market regulation and protectionism.”
Since expanding state-controlled lenders OAO Sberbank (SBER) and VTB Group, whose dominance pushed out foreign rivals such as HSBC Holdings Plc (HSBA) and Barclays Plc (BARC), Putin has increasingly used the central bank to provide funding for companies via domestic banks.


Sergei Passioura 27.06.2014 03:15

Why Putin Is in Trouble With 86% Approval
Photogr apher: Dieter Nagl/AFP via Getty Images
Russian President Vladimir Putin attends a joint press conference with his Austrian... Read More
One month he wins the Olympics and kudos from world leaders. The next he grabs Crimea and gets kicked out of their most exclusive club. Now he’s facing a recession with few tools to fight it save the public’s love.
Even Vladimir Putin, in his 15th year in power, can’t convert an 86 percent approval rating into economic growth when global banks stop lending and money flows mostly one way: out.

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