Industry and trade minister says EU sanctions could see 2.2 billion crowns in revenues lost

EU sanctions against Russia over the Ukraine crisis, could lead to losses in revenue of around 2.2 billion crowns for Czech firms and lead to the loss of some 700 jobs, Industry and Trade Minister Jan Mládek said on Friday at a joint-press conference with Prime Minister Bohuslav Sobotka. Additionally, counter-measures announced by Russia could threaten an additional 300 million. The Czech government has tasked a work group including deputy ministers and the state secretary for European affairs to gauge developments and the potential impact of existing sanctions.

Ukraine’s prime minister has said, meanwhile, that sanctions being prepared by Russia could threaten Russian natural gas deliveries through the Ukraine to the EU. Industry and Trade Minister Jan Mládek suggested that the Czech Republic in such an event could import natural gas through other channels such as Nordstream, but said that countries south of Slovakia would be harder hit. Oil deliveries, he indicated, would present a more difficult problem to solve.