30 Jul '14, 8am

How will stricter sanctions on Russia affect countries involved?

Schiphol Airport Memorial, photo by Persian Dutch Network via Wikipedia The downing of Malaysia Airlines Flight MH17 has spurred the European Union to take a harsher approach to Russia’s escalating role in the Ukrainian conflict. Germany, Britain, France and several other nations have been reluctant to back United States sanctions because their economies are more intertwined with Russia’s. Now, the EU marched ahead of the U.S. sanctions, in a move that will likely ripple throughout the continent. “I don’t think this is huge for the luxury industry,” said Milton Pedraza, CEO of The Luxury Institute , New York. “The situation right now with Ukraine is very tenuous and negative and the world sanctions against Russia puts the country in a pariah role so it dampens the consumption of luxury goods. “Russia is not the huge driver of tourism for Europe,” he said. “If China were to...

Full article: http://www.luxurydaily.com/how-will-stricter-sanctions-on...

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