Yesterday, Russia responded to Western sanctions. Vladimir Putin signed a decree on implementation of special economic measures to enforce Russian security. The decree bans or limits imports of agricultural products, raw materials and food from countries supporting sanctions for a year. The Russian government will need to make a list of the products the decree affects and balance product markets and prevent growth of prices.
Experts admit that the package of sectoral sanctions of the European Union imposed on Russia on August 1, 2014, has repercussions for the economies of Russia and Western partners. Emmanuel Quidet, the president of the French-Russian Trade and Industry Chamber (CCIFR) hopes that Russia, the EU and the U.S. will not allow stiffening of sanctions: “France is the second-biggest foreign investor in Russia. About 1200 enterprises operate in Russia. 6,000-7,000 French enterprises exporting [products] to Russia work in France, not here, but they export and they were affected by sanctions too. So there are about 10,000 companies that may be affected by European sanctions.”
Quidet states: “If European sanctions continue and become even harsher, in France, for example, 300,000 workplaces will be lost… As you see, it is very important for Europe. But that is if sanctions become harsher. Then about a million such losses would occur.”
Quidet expressed hope that “Russia, the EU and the U.S. would find some compromise, end the crisis so that no more sanctions would be passed. What pros do we have in the sanctions, the EU will reconsider them in October and if the crisis ends, the sanctions will be lifted, so the sanctions are short-term. If the crisis continues, it will bother us.”
Most of all, France is concerned about sanctions against financial structures. “There are several sectors that can be affected, oil etc. But finances are what bothers us. Any French company with projects in Russia and in need of financing will have problems and difficulties. It may affect all sectors."
Emmanuel Quidet: “Russia, EU and U.S. will not allow stiffening of sanctions”Yesterday, Russia responded to Western sanctions. Vladimir Putin signed a decree on implementation of special economic measures to enforce Russian security. The decree bans or limits imports of agricultural products, raw materials and food from countries supporting sanctions for a year. The Russian government will need to make a list of the products the decree affects and balance product markets and prevent growth of prices.Experts admit that the package of sectoral sanctions of the European Union imposed on Russia on August 1, 2014, has repercussions for the economies of Russia and Western partners. Emmanuel Quidet, the president of the French-Russian Trade and Industry Chamber (CCIFR) hopes that Russia, the EU and the U.S. will not allow stiffening of sanctions: “France is the second-biggest foreign investor in Russia. About 1200 enterprises operate in Russia. 6,000-7,000 French enterprises exporting [products] to Russia work in France, not here, but they export and they were affected by sanctions too. So there are about 10,000 companies that may be affected by European sanctions.”Quidet states: “If European sanctions continue and become even harsher, in France, for example, 300,000 workplaces will be lost… As you see, it is very important for Europe. But that is if sanctions become harsher. Then about a million such losses would occur.”Quidet expressed hope that “Russia, the EU and the U.S. would find some compromise, end the crisis so that no more sanctions would be passed. What pros do we have in the sanctions, the EU will reconsider them in October and if the crisis ends, the sanctions will be lifted, so the sanctions are short-term. If the crisis continues, it will bother us.”Most of all, France is concerned about sanctions against financial structures. “There are several sectors that can be affected, oil etc. But finances are what bothers us. Any French company with projects in Russia and in need of financing will have problems and difficulties. It may affect all sector
