Cost of sanctions for EU put at €100bn

Cost of sanctions: Europe stands to lose as much €100bn as a result of the trade sanctions it has imposed on Russia, and as many as two million job according to an independent Austrian study published by the German daily newspaper Die Welt  last week,  just days after the EU’s Permanent Representatives Committee agreed to extend those sanction until January next year.  
The decline in exports to Russia caused by a combination of Western sanctions, Russia’s retaliatory ban on EU food imports and the contraction of its economy could potential cost Germany 465,000 jobs and Poland 335,000, according to the Austrian Institute of Economic Research. The report’s findings contradict the  latest report from the European Commission which described the  impact of sanctions on EU economies as “relatively small and easily manageable.”