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Spanish Firms Still Sure in Russian Market Despite Sanctions

28.10.2015 09:38

The head of Spanish Institute for Foreign Trade (ICEX) (a governmental agency to promote the country’s exports) Francisco Javier Garzon Morales said that the current sanctions regime between the EU and Russia has harmed the Spanish exporters. Nevertheless, they keep their confidence in the Russian market.

"The Spanish firms have not abandoned the Russian market, and, on the contrary, are still betting on Russia," the head of ICEX said. The official acknowledged that the Spanish food sector was majorly impacted by the Russian food embargo, and had to seek alternative markets. "Spanish companies are still very interested in Russia," Garzon said, adding that the firms would be ready to refocus on the Russian market.

The European Union, the United States and their allies imposed a series of restrictive measures against Russia in 2014, accusing it of interfering in the conflict between government and militia in southeastern Ukraine. Russia has denied these accusations. Moscow responded to Western sanctions with a year-long embargo on food imports from the countries that sanctioned it, which it has since prolonged.