Economy Ministry: Russia’s Losses Due to Trade Restrictions Reach $6.3bn

20 February 2019 (09:14)

UrBC, Moscow, February 20, 2019. Russia faced $6.3bn in losses through trade sanctions, excise duties, and protectionist measures taken by a number of counters last year, the Economy Ministry’s recent report on the external market barriers indicates.

62 countries imposed 159 limitations on Russian goods altogether. These were mainly protectionist tariffs and import duties, extra licensing requirements, quotas, technical setbacks, sanitary barriers, and sanctions.

Russia’s economy suffered most from the EU sanctions ($2.4bn), U.S. sanctions ($1.1bn), and the sanctions imposed by Ukraine ($775m). Then come Turkey ($713m), India ($377), Iran ($320m), and China ($174m).

It was the national metallurgical industry that suffered the most, with losses estimated at some $4bn. The agricultural businesses lost $1.1bn, chemical enterprises lost $641m, and carmakers lost $306m.

Russia managed to get 32 trade restrictions either lifted or softened (the potential losses were estimated at more than $330m a year).

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