Greek exporters worried about impact of Russia sanctions

The Panhellenic Exporters Federation (PSE) has warned the European Commission against the impact of European sanctions against Russia on Greece's exports.

The European Union on Tuesday agreed to curb arms sales to Russia and to cut off financing for five major Russian banks over Moscow's support for rebels in Ukraine.

Russia, which has called the measures “destructive and short-sighted,” has so far retaliated to the Western sanctions with bans on imports of some food items. Moscow has suggested it may restrict fruit imports from Greece next week.

In a letter sent to Commission President Jose Manuel Barosso, PSE chief Christina Sakellaridi called for a political solution that will take into account the interests of the debt-hit country's exporters. She also urged the Commission to consider possible bilateral deals with other non-EU countries that could make up for part of the loses from Russian sanctions.

In its response, the Commission said it has vowed to impose further sanctions on Russia unless it takes steps to deescalate the Ukrainian crisis.

It said that a series of trade agreements have since June 27 been signed with Ukraine, Moldova and Georgia that will benefit Greek exporters and the European industry at large.