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Sanctions will harm Russia and Europe – Siegfried Wolf

Published time: April 02, 2014 20:21
Reuters / David Mdzinarishvili

The symbol of Russia is a two-headed eagle, which looks to Europe and Asia. As such, Europe and Russia need each other’s business, so sanctions would hurt both sides, Russian Machines chairman Siegfried Wolf told RT.

Wolf, who serves as director on the boards of numerous major European companies such as Siemens and Strabag, explained that if the West applies sanctions against Russia, it must ask itself who will eventually be impacted.

“It’s the young generation, it’s the middle class – on both sides, especially in Russia – and in the Western hemisphere,” he said.

Still, Russia will be hit first, Wolf acknowledges, as the country was “very open” to the EU and “pro-active” in its economic policy.

“But as a next step, it will hit the European side, because business is a two-end affair. The Europeans must think clearly about where we stand in our own economic zone.”

The North American Free Trade Agreement (NAFTA) region accounts for about $150 million of European trade whereas trade within Europe and with Russia and the CIS accounts for around $270 million, far more, Wolf explained.

As such, “the economy must be used as a bridge builder and not as a divider,” he said.

Sanctions should be the “very last thing,” Wolf stressed, adding that Europe should get out of “US mainstream and think on our relations with Russia.”

Comments (2)


Bart Connolly 04.04.2014 09:48

Russia will suffer because it exports a lot of gas and oil to EU. EU will also suffer and suffer first but Russia will suffer more later. The people who will suffer the most however are the countries in between e.g. Romania Ukraine Serbia Poland Germany who already pay more for Russian gas than western EU countries pay. In fact gas is cheapest in far away France Ireland and UK then it is in Germany and more expensive in countries nearest to Russia even though the gas comes through them to get to EU. They will suffer the most because they will pay more and they have colder winters so they need the gas.


Bart Connolly 04.04.2014 09:43

james greer 03.04.2014 19:31

The day is coming when people will get tired of the warmongering by the US and the EU, That it will turn back on them. There will be no escape . What goes around comes around.


What EU warmongered? Most EU are not in US led NATO. Most EU don't sell weapons. Most of the EU are not old Empires. They assist UN peace forces. It is the US and Russia who have been behind most of the wars around the world for over a century. US 40% and Russia/China 14% of world spending on military and US/Russia/Germany/Fr ance/China/ Ukraine are the top six weapons exporters.

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