• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 5 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 6 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 19 mins A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 51 mins Used Thin Film Solar Panels at 15 Cents per Watt
  • 5 hours China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 12 hours US Shale Economic Impact: GDP gain realized in shale boom’s first 10 years
  • 15 mins IS ANOTHER MIDDLE EAST WAR REQUIRED TO BOLSTER THE OIL PRICE
  • 18 hours It's Not the Job of the Government to Dictate Where Businesses Should Go
  • 12 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 19 hours Offshore subsea sub 50$/bbl : Rystad Energy: High stakes in store for subsea markets if oil falls to $50/bbl
  • 15 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
  • 16 hours Tit For Tat: China Strikes Back In Trade Dispute With U.S. With New Tariffs
  • 11 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 10 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
Lebanon’s High Risk Offshore Oil & Gas Boom

Lebanon’s High Risk Offshore Oil & Gas Boom

Lebanon is preparing itself to…

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
Download on the App Store Get it on Google Play