Italian oil refiner Saras has confirmed its joint venture projects with Russia’s largest oil company Rosneft has not ended. The company said it expects the deal to sell oil, and begin refining operations together will be delayed, not canceled.
Germany and Poland will lose the most trade with Russia, and neighboring Finland and Baltic states Lithuania and Latvia will lose a bigger proportion of their GDP. Norway will see fish sales to Russia disappear, and US damages would be very limited.
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.