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Journal of Challenges

March 2014, Volume 1, 1, pp 1-8

Is Brics a Viable Solution for Russia in the Context of the Present Eu’s Economic Sanctions?

Romeo-Victor Ionescu

Romeo-Victor Ionescu 1

  1. Danubius University, Romania Aurel Vlaicu, Galati, Romania 1

on Google Scholar
on PubMed

Abstract:

The present political and military situation in Ukraine has an important impact on the regional and global economic connections. EU28 and USA imposed sanctions against Russia. The main objective of this paper is to quantify the potential economic changes in the world economic environment by analyzing the most significant global economic actors: EU28, USA, Russia and implicitly BRICS. The analysis in the paper has to components: a post factum analysis, using the latest official data (2013) and an ex antum analysis, which is supported by a forecast until 2020. 
The analysis conclusions are supported by pertinent statistic tables and diagrams. It is assisted by the IBM-SPSS software. The main conclusion of the analysis is that Russia is not able to cut the economic connections with EU28 and USA on short and average term. Moreover, BRICS is not a viable solution for Russia at the moment.

Contribution/ Originality
This study is one of very few studies which have investigated the new economic challenge related to the Ukrainian crisis which started this year. The paper is focused on the latest economic problem with global impact. The impact of this crisis and the solutions to solve it are far away of finding, yet.

Keywords:


Reference:

  1. Central Intelligence Agency, 2014. The world factbook. Washington DC. Available from https://www.cia.gov/library/publications/the-world-factbook/docs/didyouknow.html.
  2. European Commission, Statement by president Barroso and president Van Rompuy in the name of the European union on the agreed additional restrictive measures against Russia. Statement/14/244, Brussels.  [Accessed 29.07.2014].
  3. European Commission, 2014. European economic forecast-spring. Brussels: 24. Available from http://ec.europa.eu/economy_finance/eu/forecasts/2014_spring_forecast_en.htm.
  4. European Commission, 2014. European economic forecast-spring. Brussels: 12-15. Available from http://ec.europa.eu/economy_finance/eu/forecasts/2014_spring_forecast_en.htm .
  5. http://rt.com/business/173008-brics-bank-currency-pool/.
  6. International Monetary Fund, 2013. World economic outlook. New York. Available from http://www.imf.org/external/pubs/ft/weo/2013/02/weodata/index.aspx.
  7. South Africa Info, New era as South Africa joins BRICS. Available from http://www.southafrica.info/global/brics/brics-080411htm [Accessed 11.04.2011].
  8. US Department of the Treasury, Ukraine-related sanctions. Washington D.C. Available from http://www.treasury.gov/resource-center/sanctions/programs/pages/ukraine.aspx [Accessed 12.09.2014].

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Acknowledgement:


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