As a result of the introduction of EU sanctions against Russia and further Russian counteractions, the EU economy in 2015 suffered a loss amounting to EUR 17.6 billion. This is stated in a study by the Austrian Institute of Economic Research. Deutsche welle reports this.
According to the study, the sanctions led to a reduction of 400 thousand jobs across the EU.
Simultaneously, research indicates that because of the weakness of the Russian economy, the trade between Russia and the EU would be considerably weakened even without sanctions. Only 44% of the decrease in sales figures can be attributed directly to the sanctions, the researchers note. Without restrictive measures the losses from reduced European exports to Russia amounted to 22 billion Euros.
Recall that the European Union extended the sanctions against Russia until July 31, 2017.