Further EU economic sanctions to have serious impact on Russia, create problems in EU economy - European expert
BRUSSELS. May 19 (Interfax) - Tightening EU economic sanctions will have very negative consequences for Russia in future, European diplomatic consultant, academic author of the Royal Institute for International Relations, the Egmont Institute, Charles Seconda said.
The timeline and scale of the possible application of economic sanctions are related to the further development of the situation in Ukraine, the expert said.
If a military intervention occurs in Ukraine or if open destabilization of the Ukrainian authorities happens, sanctions will inevitably be serious - most EU states would not want this, however, they might not have a choice in these two instances, Seconda told Interfax.
Such situation development will bring no benefit to anyone and the worst thing is that, as amid any sanctions regime, Russian and European people will be taken hostage, though European people to a smaller degree amid such situation development hypothesis, he said.
Possible sanctions could firstly affect the financial sector and technology transfer sphere, and the West's pressure will be priority namely in the latter area and, and as to financials, Europeans can count on Americans, Seconda said.
Technology-related sanctions will be relatively painful for Europeans as well, however the balance between the damage to the Russian government and the EU itself will still be in favor of Europe, Seconda said. Wider trade sanctions will be especially painful and difficult to implement for the EU, while sanctions in energy sector could have even more consequences, he said.
It would be more reasonable for Moscow to negotiate with Europeans and Americans seeking their support in affirming the kind of neutrality of Ukraine like Austria possessed following 1945, Seconda said. This would be a logical follow-up of Ukraine exiting the list of nuclear countries, he said.