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23 Jul 2014

Spanish economic recovery in danger as Europe considers Russia action

Spain’s already fragile economy could be teetering on the brink as the EU decides whether to impose sanctions against Russia. A crackdown on Russian investment and assets in Europe would badly hit Spain, which has seen a large influx of Russian capital over the last few years. It comes after the UK government openly accused Russia of arming and supporting the Ukrainian rebels who shot down a Malaysia Airlines passenger jet last week, killing 295 people. Britain is now pushing for EU sanctions to freeze the assets of Putin’s wealthy group of ‘cronies’ – many of whom have financial connections with the Costa del Sol – unless Putin cooperates with a Flight MH17 probe. But Spain is joined by Italy, Finland and France in its reluctance to impose strong sanctions – in part because of strong economic ties with the country.

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