Russia’s Ban On E.U. Foods ‘Have Little Effect’ – Swedish Minister

Posted: November 7, 2014 in Econ 101, Free Trade, Sanctions on Russia Meaningless

SOURCE: http://www.turkishweekly.net/news/175111/russia-s-food-imports-ban-to-have-marginal-effects-on-eu-former-swedish-foreign-minister.html

Russia’s food imports ban to have marginal effects on EU: Former Swedish Foreign Minister

7 November 2014

Russia’s response to sanctions imposed by the West over the Ukrainian crisis in the form of a ban on certain food imports from several Western countries will only have marginal effects on EU members, former Swedish Foreign Minister and Member of Parliament Carl Bildt said in an assessment for the World Economic Forum (WEF) report.

“Bildt is confident Russia’s tit-for-tat sanctions on agricultural products will only have marginal effects on EU members,” the report titled the “Outlook on the Global Agenda 2015” released on Friday said.

At the same time, another expert questioned by the WEF, Atlantic Council President and CEO Frederick Kempe underscored that this is the first time in history when the West relied on economic sanctions in the hope of ending a military conflict.

The WEF concluded that based on the current situation and the close ties between Russia and the European Union, no party wants a prolonged confrontation.

Over the past few months, the United States, the European Union and their allies have introduced several rounds of economic sanctions against Russia, accusing the country of meddling in Ukraine’s internal affairs and sending troops there. However, none of these statements were supported with any evidence. Moscow has repeatedly denied these allegations, stating that Russia is not involved in what is an internal conflict.

In August, Russia responded to sanctions placed on the country with a ban on the import of certain food products from the European Union, the United States, Canada, Australia and Norway.

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