More blowback… UK Foreign Secretary Philip Hammond suggests imposing sanctions on Russia are a shared sacrifice that European nations must make. While the sanctions were “designed to maximize the impact on Russia and minimize the impact on EU economies,” he warns his fellow Britons that, “It will affect our economy…” As RT notes, London will likely be hit hardest among the EU powers because of its intimate financial relationship with Moscow and we are already seeing UK home prices fall as oligarch flows slow.
Foreign Secretary Philip Hammond said the measures had been “designed to maximize the impact on Russia and minimize the impact on EU economies.”
“It will affect our economy… but you can’t make an omelet without breaking eggs, and if we want to impose economic pain on Russia in order to try to encourage it to behave properly in eastern Ukraine and to give access to the crash site, then we have to be prepared to take these measures,” he told Sky.
“We have spent a lot of time making sure the package is balanced so the pain is fairly shared across the big EU economies, but we can’t expect to be able to do this without any impact at all on our own economies.”
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One wonders just how UK will cope when Putin really gets going…
via Zero Hedge http://ift.tt/1praSDr Tyler Durden