2 (40 marks) Due to the Russian invasion of Ukraine the European Union (EU) has imposed trade restrictions on Russia. This includes prohibitions on goods and recipients. Russia has also introduced trade restrictions with the EU, especially by imposing export bans of goods (e.g. cars, railways carriages, and containers) made by foreign companies operating in Russia. Consequently, it is expected that the EU and Russia will from two separate markets, creating barriers to trade in goods and services. (a) Illustrate and explain the effects of the trade restrictions on output and on the trade balance for the European economy. marks) (15 (b) Explain the potential danger of the trade restrictions on the Irish deb dynamics. (15 marks) (c) Outline and explain two potential actions that would reduce the negative impact of the EU and Russia trade restrictions on the competitiveness of an Irish company exporting to Russia. (10 marks)