According to news from Interfax, the market for visa services in Russia fell by some 37% in 2015, year on year. With the savage effects of sanctions and the interjection of stricter biometrics regulations for Schengen countries, a domino effect of negative economic volatility has ensued. The telltale fallout of economic warfare sinks in, as EU sanctions become touristic radioactive.
Apparently western sanctions can’t keep a Russian airline giant down. Aeroflot’s being forced to ground fledgling budget airline Dobrolyot over EU sanctions disrupting aircraft leases may turn out to be a blessing in disguise for Russia’s biggest airline.
The negative domino effects from the unrest in Ukraine are being felt all over Europe. In Slovenia hotels are reporting a 20% drop in numbers of Russian tourists already. This dramatic number, from Euronews, represents fully 6% of tourists to that country. But Slovenia is not the only European country being slammed.
This morning business daily Vedomosti has reported, Russia may begin restricting European airlines from flying over Siberia on Asian routes. The move, if enacted, would imposed crippling costs on some European carriers. To make matters worse, the underlying business infrastructure of all countries will certainly be negatively affected.
The “boomerang effect” of US and EU sanctions Russian President Vladimir Putin foretold of may be about to hit Europe travel businesses hard. The newly launched Russian low-cost Russian airline, has been forced to suspend its operations after the European Union (EU) sanctioned the airline over the Ukraine crisis.