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The Impact of Anti-Russian Sanctions on EU Economy

Author

Listed:
  • Andrey Nikolaevich SPARTAK

    (Russian Market Research Institute, Moscow, Russia
    Russian Foreign Trade Academy, Moscow, Russia)

  • Vitalij Vital’evich FRANTSUZOV

    (Russian Foreign Trade Academy, Moscow, Russia)

Abstract

Anti-Russian sanctions and overall deterioration of conditions for trade with Russia have a negative impact not only on Russia, but also on Europe and the global economy. The negative effects of the current geopolitical landscape have proven painful for economic growth to larger extent of the European countries dependent on Russian energy supplies and which have significant business interests in Russian. Specific manifestations of the crisis include a severe economic slowdown that might drive European economies into recession, significant energy sector challenges, decline in living standards and higher inequality due to record inflation caused by soaring pricing for energy, food, and many other goods and services, persistent large budget deficits and worsening terms of external trade settlements. Among the most affected by the sanctions policy and confrontation with Russia are almost all Central and Eastern European countries, Germany and Italy.

Suggested Citation

  • Andrey Nikolaevich SPARTAK & Vitalij Vital’evich FRANTSUZOV, 2022. "The Impact of Anti-Russian Sanctions on EU Economy," Russian Foreign Economic Journal, Russian Foreign Trade Academy Ministry of economic development of the Russian Federation, issue 12, pages 7-17, December.
    • Handle: RePEc:alq:rufejo:rfej_2022_12_7-17
    DOI: 10.24412/2072-8042-2022-12-7-17
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