United Kingdom. – Ireland was particularly affected, losing 48% of its goods export to Russia in the past year, whereas the impact per the EU’s other 28 countries was half of this, in percentage terms. Fresh fruit and vegetables, meat, dairy produce, and various other foods were particularly affected by the Russian ban.
Germany has appeared especially reluctant to ratchet up sanctions. That is not surprising, as German exports to Russia totalled €38bn — the highest in the EU. More importantly, Germany gets more than 30% of its oil and gas from Russia.
Italy is also highly dependent on Russian energy and some of Russia’s former Soviet bloc neighbours rely 100% on its gas deliveries. The EU’s trade with Russia — worth nearly €210bn in 2015 — dwarfs US-Russia trade, and, hence, the divergence of aggression, in terms of sanctions renewal.
Exports and imports between the US and Russia were €24bn in 2015, down by €10bn from the previous year. This compares with lost trade of €80bn by the EU.
Britain is also reluctant to inflict any further hurt on Mr Putin’s rich and well-connected friends, though the asset freezes. London is a popular haunt for Russia’s business elite, many of whom have bought expensive properties in Britain. For Russia’s battered economy, 2016 already looks miserable. The ruble has slumped to record lows, as oil prices have slid since January. – Irish Examiner
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