A study by an Austrian based think tank shows that sanctions against Russia imposed due to the Ukraine crisis have resulted in a reduction in exports to Russia.
In Austria alone, the sanctions are estimated to have caused a fall in Russian exports of 9.5 percent, and cost about 1 billion euros (1.17 billion U.S. dollars).
Cyprus was most badly affected; there was a massive 34.5 percent collapse in exports to Russia between 2014 and 2016, while exports from Greece (down 23.2 percent) and Croatia (down 21 percent) were also noticeably impacted.
The Russian sanctions impacted the exports of EU agricultural products and foodstuffs most, with a 22.5 percent decline. Manufactured goods exports, in particular cars, experienced a 17.7 percent decline, while that of raw materials, in particular iron and steel, fell about 15 percent.