Sanctions limit russia's capacity to produce precision missiles – EU High Representative Borrell
Photo by AFP/EAST NEWS
Western sanctions against russia are hitting putin's regime and its accomplices hard, and their impact on the russian economy will increase over time
The High Representative of the EU for Foreign Affairs and Security Policy, Vice-President of European Commission, Josep Borrell, said in a statement about EU sanctions.
He also noted that sanctions were already limiting russia's capacity to produce high-precision missiles such as the Iskander and Kh-101.
Since the beginning of the full-scale invasion, the European Union has already adopted six sanctions packages against the Kremlin. They affect almost 1,200 people and 98 organizations in russia and involve a significant number of sectors of the russian economy.
Borrell said that by the end of 2022, the EU would reduce the import of russian oil by 90% and is already "rapidly reducing" the import of gas.
According to him, although russia exports a lot of raw materials, it has no choice but to import many products with high added value that it doesn't produce.
For all advanced technologies, it is 45% dependent on Europe and 21% on the US, compared to only 11% on China. The Chinese alternative in terms of high-tech products is also minimal.
Almost all foreign car manufacturers have also decided to leave russia. Some cars by russian manufacturers will be sold without airbags and automatic transmission.
The russian oil industry suffers not only because of foreign operators leaving their market but also because of the difficulty of accessing advanced technologies.
Borrell predicts that russia will be limited in its ability to put new wells into operation.
He also noted that the russian federation would have to remove most of its aircraft from service to restore the spare parts necessary for the flights of others to maintain air traffic.
"Will these significant and growing impacts lead Vladimir Putin to modify his strategic calculations? Probably not in the immediate future: his actions are not guided primarily by economic logic.
However, by forcing him to choose either butter or guns, the sanctions lock him in a vice that is gradually tightening," Borrell writes.
As Rubryka reported, the European Union is gradually freeing itself from the dependence that has long inhibited political decisions despite the aggressiveness of vladimir putin.
We will remind you that the European Union has started work on the next seventh sanctions package, within which, in particular, an embargo on the import of gold from russia may be introduced.
Britain, the United States, Canada, and Japan have already announced that they will ban the import of gold from russia as part of the new sanctions against the russian federation.
According to reports, gold makes up a significant share of russian exports: in 2021, russia earned about 15.5 billion dollars from it.
Read Rubryka's daily timeline of war: current news on Ukraine's defense against russia's aggression.
