The Exporters' Club foresees high costs for Europe and Spain as a result of sanctions against Russia

Uncertainty will push up energy prices and fuel inflation, it says
club de exportadores

 -   Antonio Bonet, President of the Exporters' Club

The Spanish Exporters and Investors Club believes that in the face of Russian aggression against a democratic and European country, the international community needs to take action.

From an economic point of view, Russia's invasion of Ukraine is bad news. The aggression will generate global uncertainty and impose high costs for Europe and Spain.

Uncertainty will drive up the prices of energy and other commodities of which Russia and Ukraine are important producers, such as cereals, for example. This will also fuel inflation. "Spain is a net energy importer, which means that this war crisis will have a greater impact on us and our companies," explains Antonio Bonet, President of the Exporters' Club.

Among the costs arising from the Russian aggression, it should be noted that there will be a significant drop in Spanish exports to Russia (which amounted to €2.2 billion last year) and to Ukraine (€680 million). Spanish companies have significant investments in both countries.

For their part, the sanctions that the European Union and the United States are going to impose on Russia will have a cost for all countries, including Spain. We do not yet know the details of the sanctions that will be imposed, so we cannot quantify them.

The Exporters and Investors Club expresses its hope that the conflict will be resolved as soon as possible and through diplomatic channels.