The Diplomat
The Spanish Exporters and Investors Club believes that in the face of Russian aggression against a democratic and European country it is necessary for the international community to take action, but stresses that the sanctions imposed on Putin will generate high costs for Europe and Spain.
A statement from the Exporters’ Club estimates that the uncertainty will lead to higher prices for energy and other commodities of which Russia and Ukraine are important producers, such as cereals, for example. This will also fuel inflation.
Among the costs arising from the Russian aggression, he points out that there will be a significant drop in Spanish exports to Russia (which reached €2.2 billion last year) and to Ukraine (€680 million). Spanish companies have significant investments in both countries.
For their part, the sanctions that the European Union and the United States are going to impose on Russia will have a cost for all countries, including Spain. We do not yet know the details of the sanctions that will be imposed, so we cannot quantify them, Bonet adds.
The Exporters and Investors Club expresses its hope that the conflict will be resolved as soon as possible and through diplomatic channels.
