The country’s refusal to condemn Moscow over the Ukraine conflict may cost it 10% of export revenue
South Africa’s neutral stance on the Russia-Ukraine conflict could cost the country a significant chunk of its gross domestic product if the US and the EU decide to punish Pretoria, Bloomberg reported on Friday, citing a Johannesburg-based partner of American banking and services giant JPMorgan.
South Africa could lose as much as $32.4 billion in export revenue, or almost 10% of its GDP, should the West decide to take action, Bloomberg reported, citing a note from Ndivhuho Netshitenzhe, an economist at Stanlib Asset Management.
Western nations have sought to penalise countries that trade with Russia and enable it to circumvent sanctions. The EU is currently discussing the 11th package of sanctions that would target third countries. However, according to media reports, the bloc’s ambassadors have so far failed to agree on any measures.
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