Alexander Sinkevich: Europe will hardly have any losses

Economist Alexander Sinkevich reviewed the potential effects of imposing economic sanctions on Belarus.

On March 14, 2012 the European Parliament is to debate the current situation in Belarus in the course of the plenary session in Strasbourg. According to the schedule, it will be considered along with four other issues from 3 p.m. to 9 p.m.(CET). After considering the results of the debate MEPs are to adopt a resolution, which will be put to a vote on March 15, 2012.

«European business is not extensively developed in Belarus,» Alexander Sinkevich said. «It is our country that does much business with Europe. In 2011 the European Union took the lead in foreign trade partners of Belarus (appr. 40% of export). Even Russia appeared to be a runner-up.»

«Considering the possibility of the full rupture of economic relations with Europe from a theoretical perspective, one might suppose that it will be a heavy impact on the Belarusian economy since nearly half the export stops. Redirecting export is not an easy task,» Mr. Sinkevich pointed out. According to the expert, under such conditions Europe “might not even notice any losses after the rupture.”


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