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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTrade ties expose EU, US rift over Russia sanctions
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As Russia's largest trading partner, the EU wields considerable economic clout with its eastern neighbor. In 2012 alone, the two traded nearly 400 billion euros worth of goods and services. And EU member states accounted for nearly 75 percent of the foreign direct investment stocks in Russia, according to figures published by the European Commission's Directorate-General for Trade.
But the economic relationship is one of mutual dependence. Approximately 33 percent of the EU's petroleum imports come from Russia, according to Eurostat. And key actors in the EU, such as the UK and Germany, have their own national economic interests at stake in the country.
"There can be sanctions that will actually bite," Ivan said. "One of the problems is that those would also bite the European economy."
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The EU also has a cumbersome decision-making process compared to the US. All 28 member states will have to unanimously agree on a sanctions package. With each of those countries having a different relationship with Russia, Ivan believes compromise will be inevitable.
http://www.dw.de/trade-ties-expose-eu-us-rift-over-russia-sanctions/a-17476069
dipsydoodle
(42,239 posts)I hadn't realised the level of trade between the EU and Russia was that high and also wasn't aware the same rules apply as is the case for an application for a country to join in EU - not a majority vote..........one veto kills it and there is no appeal process.
FarCenter
(19,429 posts)dipsydoodle
(42,239 posts)Last I read they're back in the merde again.
Cyprus bailout hit as privatisation bill fails.
International efforts to bail out Cyprus' debt-laden economy have been thrown into doubt after its parliament rejected a key part of the plan.
As part of the 10bn-euro (£8.25bn; $13.7bn) deal with the EU and International Monetary Fund, lawmakers have until 5 March to pass a bill allowing state firms to be privatised.
But on Thursday, they threw it out, jeopardising the next tranche of cash.
The government says it will re-submit the bill with some amendments.
http://www.bbc.co.uk/news/business-26382041
Shades of the conditions the EU will lay out in relation to the $15 billion package mentioned this morning re. Ukraine.