FT: EU must allocate resources and assets to reduce dependency on Russia

The European Union (EU) needs to diversify trade to reduce dependence on Russian resources. This was stated by Sabina Weyand, Director General of the European Trade Commission, transmits financial times.

“We found that we depend on Russia not only for fossil fuels, but also for a number of other critical raw materials. We can’t afford that,” Weyand said.

According to him, there is a certain dependence on China. However, in this regard, it is necessary to be careful as it is not clear which source can turn into a weapon.

He added that the situation in Ukraine has accelerated the interaction of international trade cooperation and strengthened its ties.

In mid-May, Andrey Kochetkov, Lead Analyst for Otkritie Investments Global Research saidRussia’s importance in world trade is incredibly high – as a de facto “world pantry”, it supplies raw materials and materials without which no laboratory or factory can work, therefore its complete blockade is impossible.



Source: Gazeta

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