![]() ![]() The EU further restricts exports of IT, engineering and legal services to Russia, as well as expands the list of high-tech goods that cannot be sold to the country. ![]() New measures stipulate a new listing of individuals and further restrictions on trade such as an import ban on Russian “steel products, wood pulp, paper, machinery and appliances, chemicals, plastic, cigarettes,” which is expected to deprive Russia of 7 billion Euros in revenues yearly. The 8th sanctions package against Russia that will most likely be accepted at the European Union Leader’s Prague summit on October 6 includes certain provisions that would profoundly affect the Turkish economy. US sanctions didn’t hurt much, but EU sanctions may. The new EU sanctions will force Turkish companies and individuals doing business with Russia to make a choice between Russia and EU by a threat of sanctions, and it will seriously affect certain sectors.
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