Of the surveyed companies, 22% responded that they have felt a ‘slight’ negative effect from the embargo, whereas 8% said they have felt a ‘great’ negative effect.
A 1% sliver of respondents actually indicated ‘slightly’ positive effects from the countervailing trade-war move on Russia’s part after western nations imposed third-level sanctions on trade with its financial, military and technology sectors.
The Citadele Index survey’s results show that small enterprises are most often negatively affected by the embargo. Altogether 33% of small enterprises responded that they have felt negative effects from the Russian response, 8% felt ‘great’ negative effects, while 25% felt ‘slight’ negative effects.
Larger-scale firms seem to have escaped the brunt of the impact with 74% admitting no effect from the embargo, 14% acknowledging slight negative effects and 3% great negative effects.
Even 3% of surveyed large companies said they had felt a ‘great’ positive effect from the embargo, with 6% joining them feeling ‘slightly’ positive effects.
A breakdown by sector reveals that the retail trade is suffering most from the embargo – with 29% responding that they feel slight negative effects and 7% great negative effects.
Meanwhile the service (20% feeling slight, 8% great negative influences), manufacturing (19% feeling slight, 7% great negative influences), and construction (16% feeling slight, 4% great negative influences) sector respondents claim to have avoided more significant suffering in their businesses caused by the food imports embargo to Russia.
