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Sanctions against Russia already taking toll on Western businesses — FT

August 01, 2014, 17:39 UTC+3 LONDON
According to the newspaper, shares in Adidas, the world’s second-largest sportswear group, dropped 15% after company issued profit warning and said it would accelerate the closure of stores in Russia
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© AP Photo/Yves Logghe

LONDON, August 01. /ITAR-TASS/. The sanctions against Russia and Ukrainian crisis are already taking toll on European businesses, The Financial Times reported on Thursday.

“The warnings came as the European Union published its toughest sanctions against Russia since the end of the cold war, targeting Russia’s energy, financial and defense sectors,” the newspaper’s online article says.

According to the newspaper, shares in Adidas, the world’s second-largest sportswear group, dropped 15% after the company issued a profit warning and said it would accelerate the closure of stores in Russia because of increasing risks to consumer spending in the region.

Joe Kaeser, chief executive of Siemens, warned geopolitical tensions including those in Ukraine posed “serious risks” for Europe’s growth this year and next.

Royal Dutch Shell’s chief executive Ben van Beurden said that along with other western oil majors he was assessing the impact of tightening sanctions on Russia’s energy sector imposed by the US and EU. “It’s a bit early to say how it will play out, what the consequences might be and how we will react,” he said. The oil company last month suspended operations in the Yuzivska field of eastern Ukraine amid mounting clashes between separatist and government forces, the newspaper says.

Erste Group, the third-largest lender in emerging Europe, warned the turmoil could impact banks in Eastern Europe. “I can’t exclude any nasty surprises in the region due to political decisions or developments,” said Erste chief executive Andreas Treichl. “If the crisis accelerates of course we will have to revise our forecast for all over Europe in 2015 and 2016,” he added.

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