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The agricultural sector of European Union will be supported by Brussels

Fri, 15.08.2014 20:43



KYIV/Ukraine in arabic/ Following Russia’s import ban on EU fruit and vegetables in response to sanctions from the 28-member bloc, the Commission has promised to help out farmers feeling the pinch.

“We are in the season for these products and suddenly a market has been lost and there’s no obvious alternative outlet,” explained Roger Waite, EU spokesperson for Agriculture and Rural Development Commissioner. “Therefore the Commission has confirmed that we will be coming forward with emergency measures for perishable vegetables in the coming week.”

With help for agriculture on the cards, experts warn of the effects of sanctions on the financial sector.

“The situation could worsen in the future if there are more sanctions and an escalation of the situation,” explained Professor Marcel Fratzscher, President of German Institute for Economic Research DIW continuing, “and what is particularly worrying are the financial sanctions of the financial markets against Russian banks. This is harbouring risks because we can not exactly calculate the impact on confidence of the market of these financial sanctions.”

Figures released on Thursday showed eurozone growth slowing in the second quarter.

The leaders of Russia, Ukraine and the EU have agreed to hold talks concerning disputes over gas and the EU-Ukraine free trade agreement though a place and a time are yet to be defined.

Foreign Ministers will have Ukraine on the agenda when they meet on Friday, but the situations in Iraq and Gaza will also be a high priority.

euronews.com

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