• 4 minutes Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 9 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 17 minutes Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 1 hour Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 12 hours Corruption On The Top: Netanyahu's Wife Charged With Misuse of Public Funds for Meals
  • 1 hour Saudi Arabia turns to solar
  • 29 mins Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 5 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 hour Why is permian oil "locked in" when refineries abound?
  • 50 mins Teapots Cut U.S. Oil Shipments
  • 18 hours Gazprom Exports to EU Hit Record
  • 18 hours OPEC Meeting Could End Without Decision - Irony Note Added from OPEC Children's Book
  • 18 hours Could oil demand collapse rapidly? Yup, sure could.
  • 26 mins Oil prices going down
  • 14 hours U.S. Withdraws From U.N. Human Rights Council
  • 2 hours Hot line, Macron: Phone Calls With Trump Are Like Sausages Best Not To Know What Is Inside
  • 2 hours Putin Says 'Fierce' U.S. Politics Hindering Summit With Trump
  • 11 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 17 hours Sell out now or hold on?
Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

U.S. Says Sanctions On Russia Caused “Marginal” Damage On EU Economies

EU

The United States Department of State said European Union economies have suffered losses due to sanctions placed against Russian businessmen and government figures, according to a statement made by Deputy Secretary of State Antony Blinken on Wednesday.

The official said the effect of the sanctions policy had been “marginal,” though the willingness and need to impose the measures outweighed the costs.

"Companies around the world, including in the United States, have born a burden of sanctions. Economies in Europe have not done as well as they otherwise might have as a result," Blinken remarked during an event at the Center for Strategic and International Studies.

"We have demonstrated that we are willing to inflict some pain on ourselves in order to sustain and advance basic principles that need to be sustained and protected in order to protect the order we helped develop, and Ukraine is a good example," he added.

The EU Observer reported earlier this year that the sanctions had little to no effect on the Russian economy after a “one-off” blow in 2015.

In total, the Russian economy shrunk by four percent in 2015, mostly due to chronically low global oil prices and the costs of the invasion of Ukraine.

Related: Is Wall Street Right About Electric Utility Stocks?

Several rounds of sanctions since 2014 have targeted Russian nationals and key economic sectors. Initially imposed as an international response to the Russian annexation of Crimea, the measures later expanded to punish Russia for exacerbating the Ukraine crisis, according to NATO and its allies.

Russia has refuted claims that it had participated in the Ukraine crisis, and responded by implementing prohibitive export bans to selected EU members.

President Vladimir Putin announced on Wednesday the continuation of the country’s ban on food imports from Europe and a group of other countries until 31 December 2017.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News