Sanctions against russia are effective, but they won’t singly stop war – EU chief diplomat

Sanctions introduced by the European Union against the russian federation for the war it unleashed are indeed effective, but their effect will only become more noticeable over time.

EU High Representative Josep Borrell stated this in an interview with PAP.

Journalists asked the top diplomat whether he considers EU sanctions to be effective. Borrell answered in the affirmative.

"Sanctions, combined with military support, international pressure, and diplomatic efforts, bear fruit. And the more time passes, the more painful they will become for the leadership in the Kremlin and the russian economy," Borrell said.

He noted that the primary goal of sanctions restrictions is to make it difficult for putin to finance the russian military machine.

"Sanctions are not a cure-all. They will not stop the war by themselves. This is only one of the tools we have used. Still, it is already clear that they are working and have serious consequences for russia: the russian economy has suffered significantly and is losing its ability to modernize," the diplomat emphasized.

According to OECD forecasts, Borrell noted that the russian economy will shrink by 5.6% in 2023, the largest among the Group of Twenty countries.

In addition, more than 1,000 international companies, which accounted for about 40% of russia's GDP and supported 5 million jobs, left russia.

In addition, the EU has already reduced its import of russian oil by 90% and reduced dependence on russian gas to a record.

In mid-December, the US State Department also published estimates that the Kremlin is already experiencing a lack of funds for waging war.

As Rubryka reported, on December 16, the EU Council approved the ninth sanctions package to increase pressure on russia in connection with its aggression against Ukraine.

Persons associated with the russian army, judges, parties, and daughters of Ramzan Kadyrov were included in the list of personal sanctions. However, Hungary prevented three russian ministers from being included in it.

The Minister of Foreign Affairs of Ukraine, commenting on the new package, welcomed its adoption but noted that the "sanctions ceiling" has not yet been reached, and the pressure on russia can be increased further.