Large UK Businesses Approve Brexit as Beneficial for Economy - Trade Envoy

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City of London - Sputnik International
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Boris Abramov, Russia's trade representative in London stated that after Brexit the UK economy may become much stronger in the long-term perspective and will help restore bilateral trade and investment between Moscow and London in different spheres, including energy and finance sectors.

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LONDON (Sputnik) — Large UK businesses approve the United Kingdom's exit from the European Union stating that it will bring benefits for the country's economy, Russia's trade representative in London told Sputnik.

"Large UK businesses, even those that supported the remain camp at the referendum, currently positively assess the decision to leave the European Union. They consider that it will bring benefits for the UK economy," Boris Abramov said.

According to Abramov, after Brexit the UK economy may become much stronger in the long-term perspective and will help restore bilateral trade and investment between Moscow and London in different spheres, including energy and finance sectors.

The consequences of Brexit will surface mainly through the dynamics of oil prices, which may decline again, the official added.

On June 23, the United Kingdom held a referendum to determine whether or not the country should leave the European Union. According to the final results, 51.9 percent of voters, or 17.4 million people, decided to support the so-called Brexit, while about 16.1 million opposed it.

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UK business, despite the current sanctions against Russia, has not lost interest in cooperation with the country, according to Abramov.

"British businesses never hid their interest in cooperation with Russia, and, in general, this [interest] remains even though there are sanctions," Abramov said, adding that over 600 British companies, including such multinational giants like Shell, BP, AstraZeneca, GlaksoSmithKline and many others, are still operating in Russia.

He added that the sanctions have had a negative impact on the Russian-British business relations, affecting a wide range of areas of mutual interest, in particular, the Russian banking sector, Russian and British oil companies and British food producers.

The trade representative stressed that British businesses have displayed great interest in the Russian regions, and are eager to implement major projects in the fields of extracting oil, gas, coal, gold; the food, tobacco and perfume industries and retail trade.

The United States, the European Union and some of their allies have introduced several rounds of anti-Moscow sanctions since Crimea became part of Russia in 2014, and accused the country of meddling in the Ukrainian conflict.

Russia has repeatedly refuted the accusations, and warned that the sanctions are counterproductive and undermine regional and global stability. In response to the restrictive measures, Moscow has imposed a food embargo on some products originating in countries that have targeted it with sanctions.

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