2016 has been a difficult year for the global economy. After years of recession and poor economic performance, Europe is still struggling to revitalise its economy. Brexit has not helped this due to its psychological impact on the future of the European Union (EU). However, this alone cannot be blamed for Europe’s dismal economy.
Various European sanctions on Russia over Ukraine have surely had a negative impact on many European trading economies, apart from reinforcing the recessionary power of a phenomenal decline in oil and gas prices on Russia’s energy export-driven economy.
