Escalation of sanctions could hurt Ireland

With Russia becoming an increasingly important trade partner for Ireland, we assess the possible impact of the sanctions, writes Fearghal O'Connor.

23rd March, 2014
Vladimir Putin: the Russian president is unlikely to be hosting the G8 summit in Sochi this summer. Picture: Getty

Any escalation of the Crimean crisis that leads to a full-blown trade war between the EU and Russia could seriously disrupt the Irish economy, particularly the vital food sector. Irish goods exports to Russia increased by 6 per cent in 2013, to an all-time high of €637 million, while services exports to the country were estimated at €500 million.

That makes Russia the 16th largest market for Irish exporters in the world.

''The Russian market is now...

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