Friday, August 22, 2014

Damage from Russian Sanctions to the Netherlands: One and a Half billion Euro

Hans de Boer, chairman of the Dutch Employers Association VNO-NCW, estimates that the damage of the Russian sanctions against the Netherlands amounts to at least one and a half billion Euro. He is more pessimistic than the experts from the European Commission in Brussels who had estimated the damage to be about half a billion Euro. De Boer said that one should include the loss of indirect Dutch exports via Poland and the Baltic countries as well as the re-exporting of products imported into the Netherlands. He wants Brussels and the Dutch Government to pay compensation to the harmed businesses. In order to reduce the surplus he suggests to destroy produce or not to harvest it.    

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