Siemens has no plans to withdraw from Russian market — company’s representativeBusiness & Economy July 21, 11:51
Russia to supply another batch of transport helicopters to China in 2018Business & Economy July 21, 11:47
All four turbines produced by Siemens delivered to Crimea despite agreementsBusiness & Economy July 21, 10:11
Records file on Gagarin flight fetches nearly $50,000 at Sotheby’sSociety & Culture July 21, 10:00
Russian-Chinese naval exercises kick off in Baltic SeaMilitary & Defense July 21, 9:47
IMF Executive Board decides on $1.8 billion conditional loan for GreeceBusiness & Economy July 21, 3:34
Turkey’s western coast rocked by 6.7 magnitude quakeWorld July 21, 2:58
ExxonMobil launches legal challenge to finding it violated US sanctions against RussiaBusiness & Economy July 21, 1:36
Russian Knights aerobatic team to perform at Dubai airshowMilitary & Defense July 20, 21:28
VILNIUS, May 06. /ITAR-TASS/. Lithuanian companies operating in Ukraine and Russia bear losses because of the current events in Ukraine and damaged trade ties with the two countries, say experts at the Lithuanian Confederation of Industrialists.
“One Lithuanian company in five whose business is connected to the Ukrainian market, and each third company tied with the Russian market, have admitted these losses,” analyst Alexander Izgorodin told journalists on Tuesday.
The negative factors pressing Lithuanian business, he added, were the narrowing consumer market, declining exchange rates in the two countries, logistic problems, delayed payments, non-implementation of contracts and the absence of new agreements. Food, chemical and electronics companies suffered the most.
However, export trends in the two countries differ. While exports to Ukraine dropped 37%, negative in almost all segments, Lithuanian exports to Russia have increased 12% this year, according to the Confederation’s estimates. Yet this is largely a result of considerable food exports.
The country’s export to Russia, Ukraine and Belarus makes up 90% of its entire exports to CIS states and 32% of the entire foreign trade.
Chairman of the parliamentary budget and finance committee Bronius Bradauskas had earlier aired his forecast for Lithuania’s monetary losses in 2014 estimating them at €1 billion given the now weaker economic ties with Russia and Ukraine and the government’s stance on the Ukrainian crisis.