Spanish Firms Still Sure in Russian Market Despite Sanctions

© Sputnik / Vladimir Sergeev / Go to the mediabankThe latest EU foreign ministers' meeting earlier this month was aimed at getting the Europeans "off the sanctions hook"
The latest EU foreign ministers' meeting earlier this month was aimed at getting the Europeans off the sanctions hook - Sputnik International
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The current sanctions regime between the EU and Russia has harmed the Spanish exporters, but they keep their confidence in the Russian market, the head of Spanish Institute for Foreign Trade (ICEX), a governmental agency to promote the country’s exports, told Sputnik Tuesday.

MOSCOW (Sputnik) — The European Union, the United States and their allies imposed a series of restrictive measures against Russia in 2014, accusing it of interfering in the conflict between government and militia in southeastern Ukraine. Russia has denied these accusations.

"The Spanish firms have not abandoned the Russian market, and, on the contrary, are still betting on Russia," Francisco Javier Garzon Morales said.

The official acknowledged that the Spanish food sector was majorly impacted by the Russian food embargo, and had to seek alternative markets.

"Spanish companies are still very interested in Russia," Garzon said, adding that the firms would be ready to refocus on the Russian market.

Moscow responded to Western sanctions with a year-long embargo on food imports from the countries that sanctioned it, which it has since prolonged.

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