Valdai Club

It would be wrong to expect that a switchover to settlements in euros and rubles will dramatically intensify cooperation between Russia and the EU and boost their trade. It was not the dollar but the sanctions war launched by the West against Russia that prevented such cooperation.

As is common knowledge, the UK is expected to finalize its withdrawal from the EU in March 2019. The parties have come to terms on a transition period (presumably 21 months long, until December 31, 2020), when the UK will continue as a Customs Union member, if losing the power to influence its decision-making. This measure is due to the May government’s fears that a rash and rapid pullout from the existing trade system will cause a slowdown in the country’s economic development.