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Financial Times: EU Considers Effect of More Russian Sanctions

March 19, 2014

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"Industry lobbies estimate that 300,000 German jobs at 6,000 companies are dependent on trade with Russia. Exports to Russia totalled €36bn last year, with machinery, vehicles and vehicle parts together accounting for 40 per cent."

When EU leaders meet on Thursday evening to discuss the next phase of sanctions on Russia, the effect on Europe's economic ties to Moscow will be front and centre.

According to European diplomats, the European Commission has started collecting data in anticipation that the assembled leaders will ask for quantification of those ties, complete with a country-by-country breakdown of which members are most reliant on Russia for energy, financial and other traded goods.

Going into the summit, EU diplomats say such topics have coloured the debate but there has been no formal discussion on how "phase three" sanctions – broad economic and financial penalties to accompany the current asset freezes and visa bans on individuals – could be implemented.

"I wouldn't even say there is no consensus," said one EU diplomat involved in the deliberations. "There has been deliberate avoidance of [the topic] altogether."

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