Stubb: EU Should Compensate For Russia Sanctions ({{commentsTotal}})

New Finnish Prime Minister Alexander Stubb, who recently broke tradition and made his first official visit to Estonia and not to Sweden, traveled to Stockholm on Friday, saying the Finnish economy is dependent on Russia and Finland should receive compensation for any economic downturn caused by sanctions.

Stubb said that if Russia's GDP falls by 3 percent, that in turn knocks off 0.3 percent off Finnish output, Yle reported on Friday.

“We have to consider other measures that could compensate for that. We have to hope that the situation doesn’t go that far, but we are also ready to discuss sanctions that could stabilize the situation in Ukraine.” Stubb said.

“We should create special mechanisms to compensate the (economic) loss,” he said.

Russia accounts for 10 percent of Finnish exports, second only to Sweden (11 percent), and accounts for 18 percent of imports. Germany is second with 12 percent. The Finnish GDP has been in decline in recent years, dropping by 0.2 percent in the first quarter and 0.4 percent in the second quarter of 2014, based on the year-on-year statistics.

Finland in turn, is Estonia's third biggest export destination and also third in the import rankings.

+{{cc.replyToName}} {{cc.body}}
No comments yet.
Logged in as {{user.alias}}. Log out
Login failed

Register user/reset password

Name needs to be fewer than 32 characters long
Comment needs to be fewer than 600 characters long

Lotman: Security academy would be crucial Estonian identity point in Narva

In an opinion piece published by Eesti Päevaleht, Tallinn University professor Mihhail Lotman found it important to overcome the mental barrier separating Ida-Viru County from the rest of Estonia.

Ermamaa: The fine art of passing the buck

Admit nothing, blame everyone: those most closely involved in the Ermamaa case don’t need arguments, writes ERR News editor Dario Cavegn.

About us

Staff & contacts | Comments rules

Would you like to contribute an article, a feature, or an opinion piece?

Let us know: