Western sanctions imposed on Russia because of its special military operation in Ukraine have not affected the Italian economy and exports despite the global increase in food and energy prices, Italian Foreign Minister Luigi Di Maio said on Wednesday
ROME (Pakistan Point News / Sputnik - 13th April, 2022) Western sanctions imposed on Russia because of its special military operation in Ukraine have not affected the Italian economy and exports despite the global increase in food and energy prices, Italian Foreign Minister Luigi Di Maio said on Wednesday.
"We have exported to Russia 7 billion Euros ($7.57 billion) out of our total exports of 510 (billion euros; $552 billion), and most of this share has remained intact. The sanctions have affected neither our economy, nor exports, but the price of gas has increased due to speculations," Di Maio told Italian broadcaster Rai Radio 1.
At the same time, the minister stressed that the conflict in Ukraine has become a "world war in the markets" with "obvious consequences for bread and raw materials prices."
Di Maio also noted that Rome is keeping channels of communication with Russia open. According to the Italian minister, diplomacy remains the most important issue on which it is necessary to "accelerate at the exact moment when the parties (to the conflict) refuse to work on it."
"Turkey is working hardest for peace, but Italy also has an open channel with Russia, which has never been closed, and an open, very solid channel with Ukraine," the minister said.
In this regard, according to Di Maio, Italian Ambassador to Moscow Giorgio Starace "continues to convey all messages to the Russian authorities" with a view to reaching a peace agreement on Ukraine.
"The EU should promote a peace conference as the last step in the process that should begin with a local ceasefire. Italy will be one of the guarantor countries of the agreement between Ukraine and Russia. We are monitoring the progress of the negotiations step by step thanks to our allies and direct correspondence with Turkish Foreign Minister Mevlut Cavusoglu," Di Maio added.
In early March, the association of Italian agricultural manufacturers said that the potential loss for Italian industry due to the Ukrainian conflict may amount to 750 million euros ($812 million). According to the association, the Italian market has lost about 1.5 billion euros ($1.6 billion) since 2014 as a result of sanctions and counter-sanctions caused by the Ukrainian crisis.
On February 24, Russia launched a military operation in Ukraine after the breakaway republics of Donetsk and Luhansk appealed for help in defending themselves against Ukrainian forces. Western countries responded by imposing comprehensive sanctions against Russia, which has resulted in a spike in fuel and food prices around the world and disrupted supply chains.
