WHY EU SANCTIONS AGAINST RUSSIA DON’T MAKE SENSE

Russia is the 3rd largest trading partner of the EU and the EU ranks as Russia's number one trading partner, accounting for almost 41% of all trade.  Europe needs Russia’s gas, and Russia is a major market for EU-based companies that supply the bulk of Russia’s imports.

Here below is the situation for some key EU Member States:

1. Austria: 52.2% dependent on Russian gas
2. Belgium: 43.2% dependent on Russian gas
3. Bulgaria: 100% dependent on Russian gas
4. Czech Republic: 80.5% dependent on Russian gas
5. Cyprus: Important financial and investment links with Russia and Russian individuals
6. Estonia: 100% dependent on Russian gas
7. Finland: 100% dependent on Russian gas and conducts a large proportion of its trade with Russia.
8. France: 17.2% dependent on Russian gas
9. Germany: Receives close to 40% of its gas and 35% of its oil from Russia. German corporate investments in Russia total $ 22 billion and German firms own stakes in roughly 6,100 Russian companies. Russia accounts for 30% of German exports and 19% of German imports. Beside some 200,000 Russian citizens and 2.5 million ethnic Germans from the former USSR live in Germany.
10. Greece: 54.8% dependent on Russian gas
11. Hungary: 49.5% dependent on Russian gas
12. Italy: 19.8% dependent on Russian gas and Russia accounts for 9% of Italian exports and 10% of Italian imports
13. Latvia: 100% dependent on Russian gas
14. Lithuania: 100% dependent on Russian gas
15. Luxembourg: 27.9% dependent on Russian gas
16. Netherlands: Russia accounts for 7% of Dutch exports and 14% of Dutch imports
17. Poland: 54.2% dependent on Russian gas and Russia accounts for 7% of Polish exports and 9% of Polish imports
18. Romania: 24.2% dependent on Russian gas
19. Slovakia: 63.3% dependent on Russian gas
20. Slovenia: 57.4% dependent on Russian gas
21. Sweden: 100% dependent on Russian gas
22. United Kingdom: Important financial and investment links with Russia and Russian individuals. In 2013 Russia was the second biggest export destination, outside of the EU, for cars built in the UK - accounting for 9.5% of all vehicle exports. The UK also supplies business and financial services, worth almost £1.7bn in 2011. The UK also benefits from Russian investment, which in 2011 amounted to $11bn. It was the sixth biggest beneficiary of Russian investment . The UK also has investments in Russia - in the form of BP oil. The company has an almost 20% share in the biggest Russian oil producer, Rosneft, which, in turn, generates profits for the British-owned company.

It is clear that EU member states are unlikely to support trade sanctions against Russia. They have too much at stake and EU companies operating in Russia will absolutely stand by their investments in Russia.