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Losses from sanctions against Russia estimated
07-03-2019 20:13
Losses from sanctions against Russia estimated
Losses from sanctions against Russia estimated

While more than 60 countries impose sanctions against Russia, the Russian Ministry of Economic Development has reckoned their losses. The Russian Federation has been already targeted by 159 restrictions from 62 countries, among which Ukraine, India, Belarus, Turkey, the United States, Australia, Brazil, Thailand, and Vietnam have suffered record losses. The total damage from the sanctions as of the end of the previous year is estimated at $6.3 billion. The European Union has introduced the biggest number of restrictions (25). The list also includes Ukraine (22), India (16), Belarus (13), Turkey (12), the United States (9), Australia (6), Brazil (5), Thailand (5), and Vietnam (5). In terms of financial losses, the situation is as follows: the EU with losses of about $2.4 billion is an absolute leader, followed by the United States, which incurred losses of almost $1.1 billion; Ukraine with losses of $775 million closes the top three. The economies which also suffered big losses are Turkey ($713 million), India ($377 million), Iran ($320 million), China ($174 million), Mexico ($120 million), Thailand ($102 million), and Belarus ($ 42 million). The Kremlin sends a clear message about the beneficial impact of the Western sanctions on the domestic economy. Besides, lingering standoff between Russia and the West supposedly deals a blow to rival economies. Interestingly, Russia’s Ministry of Economic Development neglected the important thing. The West slapped sanctions deliberately with predictable financial damage. So, they priced in potential risks. In other words, the Western countries were ready for such losses for the sake of the world order.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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