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Brexit to entail serious impacts on global economy — Russian diplomat

July 03, 18:03 UTC+3 MOSCOW
"Although Britain has never been part of the Eurozone, London’s City, nevertheless, has always been a euro settlements center," Russian Permanent Representative to the EU Vladimir Chizhov said
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© AP Photo/Matt Dunham

MOSCOW, July 3. /TASS/. Britain’s withdrawal from the European Union, commonly referred to as Brexit, is bound to entail serious changes in the global economy and finance, the first signs of which are already visible, Russian Permanent Representative to the European Union Vladimir Chizhov said on Sunday.

"Serious changes both in politics, economics and financial activities have begun indeed," he said in an interview with Russia’s NTV television channel.

"Although Britain has never been part of the Eurozone, London’s City, nevertheless, has always been a euro settlements center. The European Bank has warning it will stay such no longer," the Russian diplomat noted.

He said a serious sign of upcoming changes is the outflow of not only money but also people from London. "Not only money is being withdrawn from London. London-based financial corporations have begun to withdraw their personnel: some left for Dublin, some - for Luxembourg," Chizhov said, adding that this is just a beginning.

Germany may take over Britain’s role

Following Britain’s withdrawal from the European Union, Germany may take over Britain’s role as an advocate of the United States’ interests in Europe, Chizhov said.

"Having lost Great Britain as a drive belt of its influence in the European Union, the United States is like to have certain difficulties, I would not even say problems, as there are a lot of ‘Americaphiles’ in the European Union," he said. "However they are not that authoritative as Great Britain."

Nevertheless, in his words, Germany may soon take over Britain’s role as an advocate of Washington’s interests. "There have been signs in the recent time that Germany is advancing to the role of the United States’ drive belt in the European Union. The United States needs a strong European Union but not necessarily independent," he said.

As many as 51.9% of UK citizens (17.41 million people) voted on June 23 for leaving the European Union, while 48.1% (16.14 million) were in favor of remaining part of the bloc. The referendum is of non-binding character, which means that its results can be either endorsed or turned down by parliament. Moreover, another referendum may be organized.

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