icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
4 Jun, 2021 09:00

Europe loses three times more from sanctions than Russia – Banca Intesa chair

Europe loses three times more from sanctions than Russia – Banca Intesa chair

EU nations suffer much more from the economic penalties imposed on Russia than Russia itself, says Antonio Fallico, chairman of the board of directors of Banca Intesa and president of the Association Conoscere Eurasia.

“European nations have lost three times more than Russia as a result of sanctions,” the Italian bank official told RT on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

Fallico said the delegation from Italy consists of the country’s corporate majors, representing such sectors as car manufacturing, infrastructure, energy, and engineering. The companies reportedly account for 90% of the mutual trade between Russia and Italy.

Also on rt.com Italy should ramp up efforts to localize manufacturing in Russia to catch up to rival Germany, national business lobby says

A large group of small- and medium-size enterprises representing the sphere of innovative technologies, such as the medical industry, IT, Internet of Things, and artificial intelligence is also attending SPIEF 2021.

According to the official, every corporate major is clear about the inexpedience of anti-Russia sanctions, but “unfortunately, have no chance to change the music.”

He added that the sanctions were the key issue for the Russia-Italy panel discussion at the forum.

Also on rt.com ‘Wait till winter comes!’ It’s easy for EU to advocate ditching Russian gas when it’s warm, energy minister says

“The corporations have to exert political influence as companies of that caliber are able to do it,” Fallico said, adding that businesses build up the economy, so “they have to be bolder.”

He added that the future of sanctions was vague in the short term, because Russia’s first contact with US President Joe Biden put the Europeans in a tight spot.

“They had been racing for more sanctions, but got a moral slap in the face from Biden,” Fallico said.

For more stories on economy & finance visit RT's business section