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Apr 30, 2021
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Czech business was afraid of Russian sanctions


Czech entrepreneurs saw the main threats of sanctions from Russia for the country’s economy.

The introduction of sanctions by Russia against the Czech Republic will negatively affect the economic situation in the republic. This is the conclusion reached by the chief economist of Patria Finanze, Jan Bures.

The specialist notes that the volume of Czech exports to the Russian Federation does not exceed 2%, respectively, a decrease in the level of demand in the Russian Federation will not have a serious effect on the overall demand for Czech goods, but a number of companies may suffer more globally.

The trade department of the Czech diplomatic mission and the consulates that help the country’s companies to enter the Russian market can lose the most from the sanctions, according to the president of the Union of Industry and Transport of the Czech Republic, Jaroslav Hanak.

“In 2020, we managed to export to the Russian Federation more than it imported to the Czech Republic. We are an export economy, and we even have firms owned by Russians or oriented directly to the Russian market, ”Ganak points out.

The President of the Union of Industry and Transport especially focused on the potential problems of the car manufacturer Skoda, which will not be able to function effectively in the Russian automotive market without cooperation with contractors from Russia.

Earlier, FAN experts figured out how the Czech Republic got bogged down in the inconsistencies in the case of the explosions at the warehouses in Vrbetica in 2014 – all versions about Petrov and Boshirov do not stand up to analysis and criticism.

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