SHAFAQNA PAKISTAN (Shia News Agency)
US and Russia the two rivals of past are once again on loggerheads over Ukraine crisis. Since March 2014, the U.S. and European Union imposed various sanctions over apparent support of separatists in eastern Ukraine and the annexation of Crimea. The sanctions have impacted Russia largely through its financial system, said Barry Bosworth, The Brookings Institution senior fellow. According to AFP US is seriously considering more sanctions on Russia. “US Secretary of State John Kerry said Saturday that new “serious sanctions” against Russia were being considered over the conflict in Ukraine, added AFP”. These sanctions is not only effecting Russia but Europe as well because a bigger issue for Europe because of extensive trade relationships—energy, agriculture, and a wide range of consumer goods that Europe exports to Russia. In Germany, exports to Russia were 3.4 percent of 2013 total exports, so sanctions could have larger effects on both economies. The sanctions currently in place target Russia’s ability to secure financing and develop its energy resources in the medium term, and as long as they are in force the outlook for the Russian economy will be increasingly dim.
However like Iran, Russia can maintain its economy by diverting its export to India, Pakistan, Iran and China. Russia is rich with oil and gas, thus by establishing ties with South Asian and South East Asian countries, it can maintain its economy.
pakistan.shafaqna.com
