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THE IMPACT OF THE EU SANCTIONS AGAINST THE RUSSIAN FEDERATION ON TOURISM IN THE SLOVAK REPUBLIC

L. Filipova () and S. Chovanova-Supekova ()
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L. Filipova: doctoral student of the Faculty of Economics and Business of the Pan-European University
S. Chovanova-Supekova: Associate Professor of the Faculty of Economics and Business of the Pan-European University

Economics of Development, 2016, vol. 79, issue 3, 20-25

Abstract: The results of the examination of the economic impact of EU sanctions against the Russian Federation on the exchange rate of the Russian ruble, the development of economy and tourism, specifically in the Eurozone and in the Slovak Republic have been provided The impact of the adopted economic sanctions of the European Union, against the Russian Federation on tourism, being one of the three major economic activities of the European Union has been analysed and assessed. The strategic documents of the EU developed for the area of tourism, available statistical data and macroeconomic forecasts of tourism development have been used. The reasons for changes in the attitude of the EU towards the strategic partner – the Russian Federation – due to the security problem and events in the Crimea and south-eastern Ukraine have been highlighted. The personal and economic sanctions of the EU against the Russian Federation have been identified and assessed in terms of their impact on tightening visa procedures, the fall of the ruble exchange rate agaist euro, the purchasing power of the citizens of the Russian Federation, who account for a significant share of tourists visiting the European Union member states. With the Slovak republic taken as a example, the unfavorable impact of the sanctions on the dynamics of the Russian tourists' flows has been analyzed, some general conclusions have been drawn and some suggestions have been made as to the resources for mitigating the impact of the sanctions on tourism in the Eurozone. The research findings can serve as learning material for the competent state authorities arranging for mitigation of the negative impact on the exchange rate and the economy of the Russian Federation and the Eurozone countries.

Keywords: the European Union; the Eurozone; the Russian Federation; the Slovak Republic; tourism; crisis situation; sanction. (search for similar items in EconPapers)
Date: 2016
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