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Estonia railways to lose 15 mln euros a year on anti-Russian sanctions -- CEO
Sectoral anti-Russian sanctions will cause state-owned Estonian Railways €15 million loss of profit a year, said chief executive Ahti Asmann.
"Railway cargo transportation is geopolitical business," he said. "The results largely depend on international political relations. Sanctions have an adverse effect on this business."
According to Asmann, this year has seen a trend for decline in transportation volumes, mainly in petroleum products. The chief executive predicted an up to 25% fall equivalent to 6 million tonnes -- €15 million a year in monetary terms.
"Until now, the company's operations and investments had been financed from transit income. If the flow ceases, we'll have to look for alternative sources", Asmann said. Passenger transportation is the most likely replacement: "Passengers will have to pay a fair price for use of infrastructure.
[Source: Itar Tass, Tallinn, 30Jul14]
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