The Diplomat
The Minister of Foreign Affairs, José Manuel Albares, and the Minister of Industry, Trade and Tourism, Reyes Maroto, yesterday held a meeting with representatives of Spanish companies with interests in Russia and Ukraine to analyze the most immediate economic effects of the Russian-Ukrainian conflict.
The meeting, held at the new headquarters of the Ministry of Foreign Affairs, was attended by a large business representation – headed by the president of the CEOE, Antonio Garamendi – from the sectors in which the presence of Spanish companies in Ukraine and Russia is concentrated.
During the meeting, an assessment was shared on the impact that the conflict and the sanctions imposed on Russia for the invasion of Ukraine will have on the Spanish presence and economic activity in the region, as well as considerations on the effects on the European and world economy.
On February 25, one day after the beginning of the Russian invasion of Ukraine, the Secretary of State for Trade, Xiana Méndez, held several meetings with Spanish companies and export associations affected by the conflict.
Spanish trade relations with Russia and Ukraine are very limited. Total exports of Spanish products to Russia account for only 0.7% (2,213.3 million euros) of the overall value of our exports, while Spanish exports to Ukraine represent only 0.2% (681.8 million euros) of the total.
