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19 January 2017

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Austria loses 7,000 jobs in 2015 due to EU sanctions against Russia: study

A drop in economic activity with Russia due to European Union sanctions has led to the loss of 7,000 Austrian jobs and EUR 550 million ($583 million) drop in economic activity in 2015, Der Standard reported Thursday citing a study, according to China.org.cn.

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The study, conducted by the Austrian Institute of Economic Research (WIFO) on behalf of the ministry of economy, said that the European Union-wide job losses numbered nearly 400,000, and led to a loss in economic activity of some EUR 17.6 billion ($18.6 billion), the report says.

Klimkin: Sanctions against Russia for Crimea annexation should be maintained until it leaves peninsulaIt noted however that even without the sanctions the situation would have been serious.

A weakened Russian economy on the back of a fall in oil prices as well as a drop in the ruble would still have resulted in a bad situation regardless of the sanctions.

It was claimed that in Austria 36% of the negative impact on economic activity with Russia could be attributed to the sanctions.

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