here is how Belgium could suffer from economic sanctions against Russia

Posted on Wednesday, February 23, 2022 at 1:13 p.m.

By Francoise De Halleux

The economic and financial sanctions taken by the USA and Europe against Russia may also have a negative impact for certain Belgian producers, if these sanctions increase. This is the opinion of Philippe Ledent, economist at ING.

According to Philippe Ledent, economist at ING and lecturer at UCL, the sanctions of Western countries against Russia, in this Ukrainian war, are still light for the moment, but could harden and disturb certain sectors of our economy that export (or import from) to Russia.

“But at the macroeconomic level, Belgian exports to Russia represent only 1% of all our exports. Russia is therefore not a big partner. At the microeconomic level, it is different: certain sectors and certain producers who would be too focused on Russia, can be impacted”.

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