LONDON: Falling import to Russia has already affected several EU economies, because Russian market accounts for five percent of export from the euro zone, the UN Department for Economic and Social Affairs said in a report.
Specialists said that Germany’s slower economic growth in the second quarter is partly explained by declining export of car spare parts to Russia. Meanwhile, restrictions on drilling equipment supplies for Russian oil-producing companies can affect German producers.
Meanwhile, Moscow’s ban on import of agrarian produce, raw materials and food from countries which imposed sanctions on Russia will cause serious damage to those who depend strongly on trade ties with Russia, experts noted. Meanwhile, several countries, including Argentina, Brazil, Serbia and Turkey and several Commonwealth of Independent States (CIS) economies can benefit from the current situation, turning in alternative food suppliers to Russia, they said with confidence.
The report also noted dropping growth rates in CIS states. Experts forecast Russian economic stagnation in 2015.
