Italy to Lose Up to $5Bln From Anti-Russian Sanctions: Research

According to a report published by the Bocconi University, Italy’s economy could lose up to 4 billion euros ($5 billion) due to Western sanctions against Russia.

MOSCOW, November 27 (Sputnik) – Italy’s economy could lose up to 4 billion euros ($5 billion) from Western sanctions against Russia, according to a report published by a top-10 European business school Thursday.

“The total impact from sanctions and the corresponding lack of growth increases losses from exports to Russia by about 3.7 billion euros over two years [2014-2015],” the report for the fourth Russia-Italy economic forum in Milan by Bocconi University says.

The European Union and the United States have introduced several rounds of economic sanctions against a number of Russian officials and companies in the banking, energy and defense sectors, despite multiple assurances by Moscow that it played no role in the armed conflict in Ukraine.

Russia enforced a one-year ban on the import of certain food products from the European Union, United States, Norway, Canada and Australia. Moscow has repeatedly said the use of "counterproductive" sanctions will have a boomerang effect on European economies.