As Russia’s economy continues to struggle amid plunging oil prices and international sanctions imposed over Ukraine, the effects of the country’s woes are also having rippling effects across Europe and North America.
One of the most recent signs of this was the decision by FOREX Finland to stop buying the Russian ruble for the immediate future from new customers.
Finnish financial experts are quoted as saying that the only thing that can save Russia’s economy now would be decisive leadership from President Vladimir Putin.
Russia’s problems have already affected Germany – which has a $95.4 billion trade relationship with Moscow. Sanctions by the West have already taken a toll on exports and several major companies have pulled back on investments for the time being.
The Russian government retaliated against the sanctions last August by banning imports of fruit, vegetables, meat, fish, milk and dairy products from Europe, as well as the United States, Australia and Canada.
That move was especially damaging to European producers who export large quantities of fruit, cheese and pork to Russia, with about 10 percent of E.U. food exports sent to Russia last year. European authorities have already set aside more than $156 million to compensate the producers.
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