Saturday, March 26, 2016

Embargo and sanctions on Russia, the Cgia: “Made in Italy has lost 3.6 billion” – TGCOM

– The economic sanctions introduced by the EU towards Russia following the crisis in Ukraine and the subsequent embargo ordered from Moscow have cost the Made in Italy well 3.6 billion euro. This was revealed by the CGIA Mestre , that Italian exports to the Russian Federation increased from 10.7 billion Euros in 2013 to 7.1 billion in 2015, registering a -34 % .

Sanctions on Russia and embargo, the Cgia:  & quot; Made in Italy has lost 3.6 billion &  quot;

Lombardy is the region which has put us losing one, 18 billion. Following the Emilia Romagna (-771 million) and Veneto (-688.2 million).

Of the 3.6 billion drop in exports, 3.5 million are attributable to the manufacturing sector. The machinery (-648.3 million euro), clothing (-539.2 million), motor vehicles (-399.1), footwear / leather goods (-369.4), metal products ( -259.8), furniture (-230.2) and electrical appliances (-195.7) were the sectors where business volumes have recorded major contractions.

The appeal to the EU – “In light of the terrorist attacks that occurred in recent days in Brussels – Report on the Cgia coordinator, Paul Zabeo – it is high time that the ‘European Union should review its position towards Moscow. Compared to 2014, the geo-political conditions have changed completely. ”

The EU sanctions – The Cgia recalled that in response to the annexation of the Crimea by Russia in March 2014, the European Union has imposed a series of restrictive measures against Moscow. These actions have been of diplomatic nature, of restrictive (asset freeze and visa ban applied to persons and entities responsible for actions against the territorial integrity of Ukraine) and economic sanctions.

These were launched in July 2014 and strengthened in September 2014. They hit the financial sector, energy and defense. Citizens and EU businesses, for example, can no longer buy or sell new bonds, shares or similar securities with maturities greater than 30 days issued by five major Russian state-owned banks, the three major energy companies and by 3 large companies that deal with defense. In addition, there is an import and export arms embargo (with some exceptions) and exports of some equipment and technologies related to energy are subject to prior authorization by the competent authorities of the Member States. These actions have been extended until 31 July 2016 by the European Council.

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