The jury is still out on the economic impact of Russia sanctions on Europe (Photo: guysie)

Multi-billion losses expected from Russia sanctions

EU diplomats on Monday (28 July) are to pour over the legal texts drafted by the EU commission for imposing sectoral economic sanctions on Russia for its role in the Ukrainian conflict. The sanctions are expected to be approved on Tuesday.

According to an EU source familiar with the legal texts, the economic effect of the sanctions will hurt the Russian economy by €23 billion this year (1.5% of its GDP) and €75 billion in 2015 (4.8% of its GDP).

The Economist meanwhile