Russian, EU Economies Would Be Better Off Following One Course: British PACE Delegate

© PACE official websiteRussia and the EU will be better off if their economies go in the same direction: British delegate to the PACE
Russia and the EU will be better off if their economies go in the same direction: British delegate to the PACE - Sputnik International
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Russia and the European Union will be better off if their economies go in the same direction, British delegate to the Parliamentary Assembly of the Council of Europe (PACE) Cheryl Gillan told RIA Novosti Thursday.

MOSCOW, October 2 (RIA Novosti), Daria Chernyshova – Russia and the European Union will be better off if their economies go in the same direction, British delegate to the Parliamentary Assembly of the Council of Europe (PACE) Cheryl Gillan told RIA Novosti Thursday.

"There is no doubt about it - we will all be a lot stronger if our economies are moving in the same direction," Gillan, who is also a rapporteur on the activities of the European Bank of Reconstruction and Development (EBRD), said on the sidelines of the PACE fall session.

"However we also have to recognize that we all have to behave by certain standards and as countries and as close neighbors," Gillan noted.

Speaking at a PACE debate on EBRD activities in 2013-2014, the president of EBRD, Suma Chakrabarti, underlined that the current geopolitical tensions between the West and Russia are having an impact on many countries where EBRD operates.

In July, EBRD froze new investment in its ongoing projects in Russia. Answering RIA Novosti's question whether the projects could be unfrozen if sanctions against Russia are lifted, Gillan said "I think that is really the question that has to be asked to the bank."

"The bank was really open about the issues and problems in the area and I'm sure that they will constantly be reviewing the situation. It is important to remember that this is a situation that changes from day to day," Gillan noted.

According to EBRD assessments, Russia's economy will shrink by 0.2 percent in 2015.

The objective of boosting national economy has become a top priority for Russia in recent years, especially in view of the economic sanctions imposed against Russia by the West, over Russia's alleged role in the Ukrainian conflict.

The European Union and the United States have imposed several rounds of sanctions against Russia, curbing access to western financial markets for some of Russia's largest companies and targeting banks, arms manufacturers and the country's leading oil company, Rosneft.

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