00:42 GMT06 July 2020
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    Germany could be hit the hardest by the sanctions and by Russia's response restrictions, possibly losing up to 500,000 jobs and 29.9 billion euros.

    MOSCOW (Sputnik Press-Office) - The EU economy is sustaining major losses from sanctions against Russia, according to the first item by Sputnik.Facts. A new project of the Sputnik News Agency and Radio Network, Sputnik.Facts will publish information on current political and social issues based on national and international statistics from the UN, the IMF and other organizations, as well as forecasts by major research centers.

    Losses from EU sanctions and counter-sanctions imposed by Russia
    © Sputnik /
    Losses from EU sanctions and counter-sanctions imposed by Russia

    This item is based on a survey by the Austrian Institute of Economic Research, WIFO, which writes that sanctions against Russia could threaten 2.5 million jobs across Europe, and projected economic losses in the EU could reach 109 billion euros.

    Germany could be hit the hardest by the sanctions and by Russia's response restrictions, possibly losing up to 500,000 jobs and 29.9 billion euros. Potential job losses are comparable in Poland and Italy (302,000 and 300,000 respectively), but Italy's projected economic losses are thought to be possibly much higher than those of Poland: 16.3 billion euros and 5.4 billion euros, respectively.

    Sputnik (sputniknews.com) is a news agency and radio network with multimedia news hubs in dozens of countries. Sputnik broadcasts through its websites, analog and digital radio, mobile apps and social media.

    Tags:
    sanctions, European Union, Russia
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