Sanctions against Russia have had a serious impact on the agriculture industry of Italy and also in the sphere of high technologies and the financial sector, said the Chairman of the Board of Directors of the Bank “Intesa” Antonio Fallico.
MOSCOW, 14 Oct. The trade turnover between Russia and Italy was reduced to $ 8 billion since the beginning of 2015 due to imposed bilateral restrictions between Moscow and the EU, said in an interview with Sputnik, Chairman of the Board of Directors of the Bank “Intesa” (Russian “daughter” Italian banking group) Antonio Fallico.
“The trade turnover between Russia and Italy was reduced to $ 8 billion in the first eight months of 2015”, — said Fallico, noting that prior to the sanctions, the annual trade turnover between the two countries was about $ 40 billion.
Relations between Russia and the West deteriorated in connection with the situation in Ukraine. At the end of July 2014, the EU and the U.S. announced sanctions against entire sectors of the Russian economy. In response, Russia in August 2014 restricted imports of food products from countries that have imposed sanctions against her. At the end of June 2015, the authorities decided to extend the ban until August 5, 2016, and August 6, 2015 entered into force the presidential decree on the utilization of prohibited to import products under the food embargo.
“We are trying to convince the Italian businessmen in need of production directly on the territory of Russia, guided by the principle “Made with Italy” not “made in Italy”, said Italian banker, adding that some Italian companies have already started manufacturing Italian products in Russia.
Fallico stressed that the sanctions had a serious impact on the agriculture industry of Italy and also in the sphere of high technologies and the financial sector.