Russia represents 1.1% of Spanish exports

Market watchers at Afi say that the relationship with Russia in the financial field is more important than the commercial one. The crisis in Russia is acting as a trigger for  generalised punishment of the emerging market, which has led to both a marked depreciation of  currencies and a pronounced increase in emerging countries´ risk premiums,  now at the highest levels seen in a number years.

There is a risk that penalisation of emerging markets will persist, thus compromising growth scenario in those countries. If this happens, the Eurozone’s exports to emerging countries will suffer in two ways: 1) by a reduction in demand and 2) appreciation of the Euro versus the most stressed emerging currencies.

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