The European Union is likely to consider filing appeals with the World Trade Organization (WTO) after Russia announced import bans on products from the EU, Lithuania’s Foreign Minister Linas Linkevicius said Thursday.
Russia’s introduction of agricultural import bans from sanctioning countries is a way for Moscow to protect itself from Western economic aggression, Caleb Maupin, a political analyst at the International Action Center, told RT.
Russia’s import ban on agricultural goods from countries that sanctioned Moscow over the Ukraine crisis may have a negative impact on European producers, farmers say. However, the EU’s ambassador to Moscow insists the bloc's position will not change.
The US dollar, the dominant global currency since 1944, may lose some of its luster due to the American-led sanctions against Russia over the turmoil in Ukraine. The greenback has been fading in favor since the global financial crisis in 2008.
Major airlines saw stock shares nosedive on Wednesday, after media reports said that Russia could block flights over Siberia. However, Russian Foreign Minister Sergey Lavrov said the reports are simply rumors.
A one-year ban has been imposed on certain agricultural produce, foods and raw materials from countries that have sanctioned Russia. An order on economic measures to protect the country's security has been signed by President Putin.