Industry group: Czech firms to lose dozens of billions over EU-Russia sanctions

Czech industrial firms could lose tens of billions of crowns over the short term due to sanctions between Russia and the EU, according to a survey by the country’s Confederation of Industry among their member companies. In the long run, the losses could amount to hundreds of billions, the group said. The machinery, energy, chemical and petrochemical sectors as well as agriculture technology and food industry are likely to suffer most due to the sanctions, according to the survey. The Czech government’s estimate of potential losses is much lower, of around 2.1 billion crowns but the industry group says Czech companies’ sales to partners in Western Europe could also be affected by the sanctions.