Schaeuble says EU’s Russia sanctions over Ukraine will work
By Bloomberg
European Union sanctions imposed on Russia over the Ukraine crisis were "unavoidable and they'll pay off," German Finance Minister Wolfgang Schaeuble said.
"The decision was right and if they don't lead to success in the short term, then they'll do so in the medium term," Schaeuble said in remarks today in Munich.
Schaeuble said the current weakening of Germany's economy "has to do with geopolitical risks in the first place and that's not surprising when you look at what's happening in Ukraine."
Ukraine held parliamentary elections yesterday under a wobbly truce in the country's seven-month conflict amid tensions with the Kremlin, which the Ukrainian government the U.S. and the EU blame for inciting the conflict. Russia denies that it's involved.
Pro-EU parties including Ukrainian President Petro Poroshenko's bloc and Prime Minister Arseniy Yatsenyuk's People's Front won the most votes and plan to team up with other groups that back firmer ties with the EU.
Schaeuble said the voting result "creates hope and is good news" because "the vast majority of Ukraine's electorate revealed mature democratic sentiment by not allowing itself to be provoked by radicals and rabble rousers."
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