11/14/14

Permalink Top 5 takeaways from Putin ahead of G20

US sanctions violate the very system they created. Sanctions levied against Russia are against the norms of international trade and the core principles of the G20, as they can only be introduced via the United Nations, Putin said. Sanctions are “against WTO principles and the General Agreement on Tariffs and Trade, the GATT. The United States itself created that organization at a certain point. Now it is crudely violating its principles,” Putin explained.
Interconnected economy: What hurts us hurts you Sanctions against Russia have targeted the finance, energy and weaponry sectors of the economy. Russia’s retaliatory sanctions to ban agricultural imports are having a colossal ripple effect on jobs, social sectors, and growth. This is especially pertinent to Europe, which is feeling the squeeze of the agricultural export ban to Russia, one its biggest markets. “Everyone must understand that the global economy and finance these days are exceptionally dependent on each other,” Putin said. Germany’s economic growth is an example of financial blowback from sanctions with Russia.

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