PRAGUE, March 18. /ITAR-TASS/. If the European Union phases in economic sanctions against Russia, this will eliminate 30,000-40,000 jobs in the Czech Republic, believes Deputy Chairman of the Czech Association of Exporters Otto Danek.

“We have quite considerable investments in Russia, about 70 billion koruna (about $3.5 billion), while our companies’ property is much more. And if, under the worst scenario, foreign countries’ property was nationalized, this would cause the Czech industry huge damages,” Danek believes.

“If imports of [Russian] raw materials, mainly oil, ceased, we would not be able to promptly compensate for this, which would seriously drag on the development of Czech industry”, primarily car manufacturing which was already in decline, Danek added.