The Impact of Anti-Russian Sanctions on EU Economy

Authors

  • Andrey Nikolaevich Spartak Russian Foreign Trade Academy
  • Vitalij Vital’evich Frantsuzov Russian Foreign Trade Academy

DOI:

https://doi.org/10.24412/2072-8042-2022-12-7-17

Keywords:

sanctions, European countries, European Union, influence, economy, potential GDP, inflation, state budget, deficit

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.

Author Biographies

Andrey Nikolaevich Spartak, Russian Foreign Trade Academy

Corresponding member of the Russian Academy of Sciences, Doctor of Economic Sciences, Honored Worker of Science of RF
Place of work, post: Russian Foreign Trade Academy, Department of international trade and foreign trade of the RF, the Head

Vitalij Vital’evich Frantsuzov , Russian Foreign Trade Academy

Place of work, post: Russian Foreign Trade Academy, International Economics and Finance

Published

2024-01-26

How to Cite

Spartak, A. N., & Frantsuzov , V. V. (2024). The Impact of Anti-Russian Sanctions on EU Economy. Russian Foreign Economic Journal, (12), 7–17. https://doi.org/10.24412/2072-8042-2022-12-7-17

Issue

Section

World economy