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Effects of the EU-Russia Economic Sanctions on Value Added and Employment in the European Union and Switzerland

Author

Listed:
  • Elisabeth Christen
  • Oliver Fritz
  • Gerhard Streicher

Abstract

The ongoing trade conflict between the EU and Russia could have noticeable effects on the European economy given the importance of EU and Swiss exports to Russia. This study provides estimates of the potential economic consequences of the export sanctions approved by the European Council and the Swiss parliament as well as the counter sanctions enacted by the Russian Federation on all EU countries. Using a multi-country econometric input-output model the study estimates real value added and employment effects associated with a decline in commodity exports and tourism demand as observed in recent months. The weak performance of EU and Swiss exports to Russia, however, is not only the result of export restrictions on sanctioned goods and the worsening of economic relations between Russia and the EU plus Switzerland, but also a consequence of slackening economic growth in Russia. The uncertainty about the true economic impacts of the sanctions is addressed by estimating different scenarios and distinguishing between short and long-run effects.

Suggested Citation

  • Elisabeth Christen & Oliver Fritz & Gerhard Streicher, 2015. "Effects of the EU-Russia Economic Sanctions on Value Added and Employment in the European Union and Switzerland," WIFO Studies, WIFO, number 58219, April.
    • Handle: RePEc:wfo:wstudy:58219
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    File URL: https://www.wifo.ac.at/wwa/pubid/58219
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    Cited by:

    1. Elisabeth Christen & Sandra Bilek-Steindl & Christian Glocker & Harald Oberhofer, 2017. "Österreich 2025 – Österreichs Wettbewerbsposition und Exportpotentiale auf ausgewählten Zukunftsmärkten," WIFO Monatsberichte (monthly reports), WIFO, vol. 90(1), pages 83-95, January.
    2. Huber, Martin & Tyahlo, Svitlana, 2016. "How war affects political attitudes: evidence from eastern Ukraine," FSES Working Papers 472, Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland.
    3. Harald Schmidbauer & Angi Rösch & Erhan Uluceviz & Narod Erkol, 2016. "The Russian Stock Market during the Ukrainian Crisis: A Network Perspective," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 66(6), pages 478-509, December.
    4. Bayramov, Vugar & Rustamli, Nabi & Abbas, Gulnara, 2020. "Collateral damage: The Western sanctions on Russia and the evaluation of implications for Russia’s post-communist neighbourhood," International Economics, Elsevier, vol. 162(C), pages 92-109.
    5. Fedoseeva, Svetlana, 2016. "Russian Agricultural Import Ban: Quantifying Losses Of German Agri-Food Exporters," 56th Annual Conference, Bonn, Germany, September 28-30, 2016 244867, German Association of Agricultural Economists (GEWISOLA).
    6. Oliver Fritz & Elisabeth Christen & Franz Sinabell & Julian Hinz, 2017. "Russia's and the EU's Sanctions. Economic and Trade Effects, Compliance and the Way Forward," WIFO Studies, WIFO, number 60669, February.
    7. Mstislav Afanasyev & Nataliya Shash, 2019. "Russian Federation Cross-Border Investments and Bank Expansion," Public administration issues, Higher School of Economics, issue 6, pages 105-120.

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