Portugal and Malta are the least hit by the war in Ukraine in terms of economic consequences due to sanctions imposed, a European Commission study has revealed.
Sanctions imposed on Russia due to the invasion of Ukraine have affected many Member States in various areas such as supply, rising energy and fuel costs, in addition to inflation. , reports SchengenVisaInfo.com.
While Portugal and Malta remain the least affected, the Baltic countries and those in Central and Eastern Europe are severely affected economically by the war, especially due to the supply of gas from Russia.
Cyprus, on the other hand, has been hit hard by the war in Ukraine as it has served as a popular holiday destination for Russians, and since the invasion, it has seen tourism decline while its financial sector hit by high level. of financial assets held by Russians linked to the island.
But even Cyprus, whose tourism generates 14 percent of the country’s economy, has not been affected as much as Poland, which emerges as the most vulnerable country due to economic shocks that the Russian market and dependence on Russian energy to supply gas. for electricity. Despite this, Poland hosted the largest number of Ukrainian citizens – more than six million of them.
However, Portugal was the least affected, mainly due to the fact that the Portuguese economy was the most EU-linked (5.8 percent) so far this year, according to forecasts. -EU Commission. In addition, Portugal is considered to be the country with the lowest inflation rate currently, at 4.4 percent.
“In view of Portugal’s low direct exposure to the affected region, the risks are mostly indirect, with inflation affecting raw materials, fuel security, and demand uncertainty. worldwide, “ says the European Commission.
On the other hand, Malta has long operated a “golden visa scheme”, which allows non-residents and non-citizens to obtain citizenship by payment for predetermined payments without necessarily having to bind the applicant and Malta.
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Following several cases of condemnation by the European authorities, especially the denunciation of the European currency exchange scheme, on March 2, Malta announced that the program had been suspended by citizens of Russia and the United States. Belarus until further notice.
Malta, like Portugal, is mostly visited by British nationals, followed by Italians, Germans and French.
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