Ukraine among top 3 countries in terms of damage inflicted to Russia's economy

Restrictive measures imposed against Russian products abroad caused a damage of $6.3 billion (expert evaluation) to the Russian economy, according to the report published on the website of the Russian Ministry of Economic Development

It follows from the presentation prepared by the ministry that the European Union took the first place in terms of the number of restrictions imposed on Russian goods. Next come Ukraine, India, Belarus, Turkey and the United States. 

Nevertheless, the picture is different in terms of damage inflicted to the Russian economy. The European Union tops ($2.4 billion) the list. The United States ($1.1 billion) and Ukraine ($775 million) are the second and third, respectively. The top three countries are followed by Turkey ($713 million), India ($377 million), Iran ($320 million) and China ($174 million). 

Despite the fact that Belarus, according to the Ministry of Economy, has introduced a relatively large number of restrictive measures against Russian goods, the estimated damage inflicted by Belarus was only $42 million. 

The protective measures caused the greatest loss (almost $4 billion) to the metallurgical sector. The agricultural industry ranks second ($1.1 billion), and the chemical industry, which suffered a loss of $640 million, closes the top three. 

At the same time, the ministry reported on some successes, too. In particular, the ministry managed to eliminate barriers worth about $330 million. “In 2018, the Ministry of Economic Development managed to eliminate and liberalize 32 trade restrictions (including the threat of introducing restrictions) that have a negative impact on the access of Russian goods to foreign markets. According to expert estimates, the damage from their actions exceeded $330 million a year,” the ministry’s press service reported. 

In total, 159 restrictive measures were introduced against Russian goods in 62 countries.

  Ukraine, Russia, Europe, USA, Sanctions on Russia