Portugal and Malta are the countries least affected by the war in Ukraine in terms of economic consequences due to the sanctions imposed, a European Commission study found.
Sanctions imposed on Russia over the invasion of Ukraine have affected many Member States in several areas, such as supply, rising energy and fuel costs, in addition to inflation. SchengenVisaInfo.com.
On the other hand, the Baltic and Central and Eastern European countries are severely affected by the war, mainly due to the Russian gas supply. Cyprus, on the other hand, was badly affected by the war in Ukraine because it served as a popular holiday destination for Russians. At the same time, since the beginning of the war, the financial sector has been affected by the high level of financial assets held by Russians who were linked to the island.
But not even Cyprus, whose tourism generates 14% of the country's economy, has been as badly affected as Poland, which is emerging as the most vulnerable country because of the war. Despite this, Poland hosted the largest number of Ukrainian citizens, over six million of them.
However, Portugal was the least affected, mainly due to the fact that the Portuguese economy was largely tied to the EU (5,8 percent) this year, according to EU Commission forecasts. In addition, Portugal is considered to be the country with the lowest inflation rate at the moment, at 4,4%.
Malta, like Portugal, is mostly visited by British citizens, followed by Italians, Germans and French.