Dutch economy will feel impact of new Russian sanctions

12th September 2014, Comments 1 comment

New European sanctions against Russia come into effect today but the Dutch economy will also feel the impact, particularly the oil industry, broadcaster Nos says on Friday.

The Dutch economy is heavily dependent on energy imports and is becoming increasingly so, the broadcaster says.

Some EUR 75bn worth of oil and other energy-related products is pumped through Rotterdam port every year, of which around one third comes from Russia.

‘Ten years ago our oil came primarily from the Middle East,’ Peter Hein van Mulligen from the national statistics office CBS told Nos. ‘Now Russia is our most important supplier.’

The impact is wider than in Rotterdam. Many Dutch companies are set up to work with Russian oil and a shift to new suppliers will bring extra costs, Nos says.

Russian news agencies suggest that Russia is also looking at boycotts of its own. This could include a ban on clothing and second-hand car sales from Europe.

KLM chief executive Camiel Eurlings has warned about the potential impact of a closure of Russian air space, Nos points out. ‘That would be bad for the Russian and the European economy,’ he said.


© DutchNews.nl

1 Comment To This Article

  • carrico posted:

    on 12th September 2014, 15:10:14 - Reply

    But the tomato fight at the Dam is still on, right?