EU Sanctions Hit Russia Hard, Thwarting Putin's Ukraine Goals
European Commission spokesman Peter Stano states that European Union sanctions against Russia are showing effectiveness. During a press conference in Brussels on Wednesday, he remarked that Vladimir Putin has not managed to fulfill any of the goals he had set at the onset of his aggression towards Ukraine.
10:22 AM EDT, May 8, 2024
Since the aggression against Ukraine began, the European Union has introduced 13 sets of sanctions against Russia. These include economic restrictions designed to curb further aggression.
The sanctions cover a variety of products, including crude oil and petroleum products (with a price cap imposed by the EU since February 2023), coal, steel, iron products, gold and diamonds, cement, asphalt, wood, paper, and synthetic rubber.
EC confirms the effectiveness of sanctions against Russia
However, analyses in European media often highlight the Russian economy's remarkable resilience to Western sanctions. Projections also reflect this trend. In April, the International Monetary Fund (IMF) increased its economic growth forecast for Russia in 2024 from 2.6 percent to 3.2 percent.
The IMF explains this adjustment partly by citing continuous high revenue from crude oil exports and the global high prices of this commodity. The Russian economy is bolstered by significant government investments in the arms sector, effectively transitioning the economy to war.
Peter Stano reiterated this point on Wednesday, stating that any observed economic growth or investments mainly benefit the defense or arms industries. He clarified that the EU's goal is not to cripple the entire Russian economy but to make the continuation of the war in Ukraine more challenging.
He also reminded listeners that Putin initially aimed to capture Kyiv in three days, a notably unsuccessful goal.
“Sanctions are having a major impact”
Stano also emphasized the severity of the sanctions, pointing out their significant toll on the Russian economy, which has suffered extensively, missing out on modernization opportunities and focusing instead on sustaining military efforts and the necessary budget allocations.
In April, the Russian Ministry of Economy updated its GDP growth projections 2024, adjusting the figure from 2.3 to 2.8 percent.
