The Austrian Institute of Economic Research (WIFO) sates that the European Union (EU) economy in 2015 lost in economic activity EUR 17.6 billion ($18.6 billion) including because of sanctions against the Russian Federation.
In particularly in Austria 36% of the negative impact on economic activity with Russia could be attributed to the sanctions. A drop in economic activity in Austria led to the loss of EUR 550 million ($583 million) in 2015 due to European Union sanctions, reports WIFO.
The EU job losses numbered nearly 400 000, including 7000 Austrian jobs due to EU sanctions against Russia.
Though the European Union extended the sanctions against Russia until July 31, 2017, the situation without the sanctions wouldn’t be much better because of weakened Russian economy, on the back of a fall in oil prices and a drop in the ruble.