EU sanctions hinder Russia's aims in Ukraine, says Commission
European Union sanctions imposed on Russia are effective, argues the European Commission spokesman, Peter Stano. On Wednesday, at a press conference in Brussels, he said that Vladimir Putin has not achieved any of the objectives he set for himself when he began his aggression against Ukraine.
8 May 2024 14:21
Since the aggression on Ukraine began, the European Union has imposed 13 packages of sanctions on Russia. These include economic restrictions aimed at inhibiting further aggression.
The list of products subject to sanctions includes crude oil and petroleum products (since February 2023, on which the EU has imposed a price cap) and coal, steel, iron products, gold and diamonds, cement, asphalt, wood, paper, and synthetic rubber.
However, analyses regarding the exceptional resilience of the Russian economy to Western sanctions continue to appear in European media. Forecasts suggest a similar trend. In April, the International Monetary Fund (IMF) raised its economic growth forecast for Russia for 2024 from 2.6 percent to 3.2 percent.
The Fund indicated that this is partly due to the sustained high revenues from the export of crude oil and high global prices for this commodity. Russia's economy is also buoyed by significant government spending in the arms sector, transitioning the economy to a war footing.
Peter Stano highlighted this last point on Wednesday. He emphasised economic growth; any investments we are discussing are related to the defence or arms industries. He added that the EU does not aim to paralyze the entire Russian economy but to make the further conduct of war in Ukraine more difficult.
He also reminded listeners that the Russian president's declared objective was to take Kyiv within three days, which—as is known—he failed to do.
"Sanctions are severe"
He also noted that the sanctions are severe. It is noticeable in the Russian economy, which "has lost a lot", including "the chance for modernization, and is focused on maintaining the war effort and expenditures, which are necessary" for the country's budget.
In April, the Russian Ministry of Economy also raised its forecasts for the gross domestic product (GDP) growth in 2024 – from 2.3 to 2.8 percent.
