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Sanctions on Technology Imports Leave Russia Playing Catch Up

Published: August 4, 2014 (Issue # 1822)

  • The latest round of sanctions will hamper development of key technologies in Russia both for military and civil use.
    Photo: Wikimedia Commons

The impact of the EU's latest and harshest sanctions on Russia will be felt most keenly in the country's economic sectors that are largely dependent on state-of-the-art Western technology, ranging from the extraction of hydrocarbons to civil aircraft production, analysts said.

The European Union late last week officially approved new measures aimed at pressuring Russia into changing its approach to the crisis in Ukraine. The sanctions target Russian state-owned banks, which will have trouble attracting long-term financing abroad, and ban EU exports of military products and dual-use technology to Russia. EU deliveries of equipment and technology for oil exploration in the Arctic and shale oil projects in Russia have also been blocked.

Of the various measures imposed by the EU, the most significant are the restrictions on Russian imports of equipment and technology related to the oil industry, said David Cadier, a fellow at International Strategy and Diplomacy at the Department of International Relations of the London School of Economics and Political Science.

"This restriction is probably one of the most important for Russia as it might prevent it from exploiting some resources, in the Arctic for instance," Cadier said Friday. "By contrast, the freeze on five Russian banks from the European capital market is unlikely to have a major effect in the short term as Russia has sufficient reserves."

Most of the state-owned banks have already shrugged off the sanctions, saying they have enough capital of their own to continue operating without any disruptions. Also, Russia's Central Bank has said it will support the banks should the need arise.

The ban on EU exports of oil technology and equipment, Cadier said, is significant because of what it reveals about the crisis in Ukraine and about the state of EU-Russia relations in a broader sense.

"Contrary to the ban on military equipment for instance, these sanctions are not directly linked to the [military situation in Ukraine] that prompted them, but constitute a wider attempt to put pressure on Russia. This indicates that the level of antagonism between the EU and Russia has moved to a new level," Cadier said.

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Thursday, Oct. 2

The celebration of the bicentennial of the birth of Mikhail Lermontov continues with todays free exhibition in the citys Lermontov Library at 19 Liteiny Prospekt. Titled Under the Rustling Wings, the temporary exhibition will feature the costumes and scenery used in the 1917 production of Lermontovs play The Masquerade, which he wrote in 1835 when he was only 21 years old.

Friday, Oct. 3

Learn more about how to manage and evaluate employee performance during SPIBAs Human Resources Committee meeting this morning on Employee Assessment: Global and Local Trends. Starting at 9:30 a.m., the discussion will touch on such topics as the partnership between HR and business, reliable assessment strategies and more, with Tatiana Andrianova, the head of the SHL Russia and CIS branch in St. Petersburg, as the featured guest. Confirm your participation by Oct. 2 by emailing or calling 325 9091.

AmChams Procurement Committee Meeting is at 9 a.m. this morning in their office in the New St. Isaac Office Center on Ulitsa Yakubovicha.

Saturday, Oct. 4

Wine and cheese lovers will get their chance to revel during Scandinavia Country Club and Spas Wine Market Weekend. Going on today and tomorrow, wining diners can listen to live music, take part in culinary classes and, of course, sample a variety of fine wines from around the world. The cost of admission is 400 rubles ($10.30) for adults and 200 rubles ($5.15) for children.

Sunday, Oct. 5

Look for the latest fall fashions at the Autumn Market today in Freedom Anticafe at 7 Kazanskaya Ulitsa. The minimarket plans to offer clothes more flattering than the puffy jackets that are a staple of the citys cold-weather fashion, while offering the same amount of protection from the biting winds blowing off of the Baltic.

Monday, Oct. 6

SKA St. Petersburg, the citys KHL affiliate, welcomes Slovakian club HC Slovan in a match-up tonight at the Ice Palace near the Prospekt Bolshevikov metro station. The puck drops at 7:30 p.m. and tickets can be purchased on the clubs website or in person at either the arenas box office or the clubs merchandise store on Nevsky Prospekt.

Tuesday, Oct. 7

Learn more about Russias energy industry at the St. Petersburg Energy Forum that begins today and runs through Oct. 10. Attracting industry experts and political and business representatives, the forum plans to welcome more than 350 plus companies and their representatives to discuss the future of Russias largest economic sector.

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