The Russian State Council discuss business development in the light of sanctions (photo: dpa)

Sanctions - Russia fends off damage to economy with deep spending cuts

The ongoing friction between Russia and the European Union is not good news for frontline states such as Finland which are taking a beating in the war of sanctions and counter sanctions. Finland feels vulnerable and fears it too could be a Kremlin target for military action. Meanwhile, Russia is feeling the pain of sanctions which is demonstrated by the deep cuts in its newly announced budget.

THE EUROPEAN UNION will not ease sanctions against Russia, German Chancellor Angela Merkel told Finnish Prime Minister Alexander Stubb.

This was difficult news for Finland whose dairy exports have been hit hard by Russia’s retaliation over the sanctions.

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Professor Stefan Hedlund
The bottom line is that financing for a desperately needed boost in fixed capital investment will be increasingly difficult to find. The state will be focused on keeping the lights on in companies that are being targeted
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