Russia is not the only nation experiencing the effects of the West’s sanctions against it; Germany is also suffering indirectly from these sanctions.
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Russia is not the only nation experiencing the effects of the West’s sanctions against it; Germany is also suffering indirectly from these sanctions.
The European Union, the United States and other Western nations placed sanctions on Russia for its involvement in the Ukrainian crisis—a conflict that has already killed 4,700 people.
In a televised news conference, President Vladimir Putin acknowledged that Western economic sanctions were a factor behind Russia’s recent economic crisis. Putin pledged to repair Russia’s economic woes within two years. He plans to diversify the gas-dependent economy and persuade businesses to help prop up the collapsing ruble.
Putin estimated that sanctions accounted for approximately 25 to 30 percent of Russia’s currency troubles. He remains defiant, however, accusing the West of trying to intrude on Russia’s sovereignty and attempting to defang the nation.
The economic sanctions on Russia have also caused some pain for EU nations, especially Germany.
The head of market research in Baader Bank, Robert Halver, said on Thursday that Germany will be affected more than any other Western nation if Russia defaults.
Soundbite (translation):
“Russia's industrial development was made possible by German industry. If Russia goes into default, there will be massive write-offs, especially by German mid-sized companies, and that will hurt.”
German Chancellor Angela Merkel stated that the sanctions would remain in place. These strong sanctions were only made possible when Merkel decided to support them.
The Trumpet forecasts that these sanctions will drive Europe and Russia into opposing camps. Watch for this if the impasse starts to bring real economic pain to EU nations. Putin will escalate tensions if he decides to retaliate. If he does, the fear of his actions could help transform EU into a stronger, more unified federation.
For an in-depth analysis and forecast on the situation, read our Trumpet article “EU Slaps Tough Sanctions on Russia.”
