* Sanctions on Russia have had a withering effect on Moscow’s economy, the European Union said.
* That’s one of the main reasons why Russia’s economic future looks “bleak,” according to one official.
* Despite Putin’s show of defiance, scholars say Russia is in a far worse state than the Kremlin has let on.
Russia’s economic future is looking grim amid signs that sanctions against the nation have had a lasting impact on its ability to function, according one European Union official.
The European Union imposed 11 rounds of sanctions against Russia starting shortly after it invaded Ukraine in February 2022. Measures included kicking Russia out of the SWIFT global financial communication system, greatly limiting energy imports from Russia, and establishing a $60-per-barrel price cap on Russian oil.
“Some people claim these sanctions have not worked. This is simply not true. Within a year, they already limited Moscow’s options considerably causing financial strain, cutting the country from key markets and significantly degrading Russia’s industrial and technological capacity,” EU official and European Commission vice president Josep Borrell said in a recent statement. “To stop the war, we need to stay the course.”
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WNU Editor: Other EU leaders have a different point of view …. Germany’s Baerbock decries weak impact of Russia sanctions (DW).
As to what is my point of view.
All my family members, friends, and contacts in Russia are telling me the same thing. Sanctions have worked in making Western goods and products more expensive, but the shelves are not empty and all the basic needs are being met. And I expect no changes for the foreseeable future.
Russia is now a war time economy. The economy has been shifted to fight a war, not to boost a civilian economy. The standard metrics that the EU is using to measure the impact of sanctions on Russia do not apply.
The EU report is here …. Yes, the sanctions against Russia are working (EEAS).