According to data that has been kept secret so far, the EU sanctions imposed on Russia are taking effect. Above all, Russian exports are affected.
As experts from the EU Commission confirmed to the German Press Agency, targeted trade restrictions are now affecting Russian export transactions, which had a volume of more than 73 billion euros a year before the war. In percentage terms, it is regarding 48 percent of Russia’s previous exports to the EU.
In addition, within around four months, Russian assets of around 13.8 billion euros were frozen – for example by oligarchs and other supporters of Kremlin chief Vladimir Putin. Reserves of the Russian central bank worth billions can also no longer be accessed.
“The available data shows very clearly that the sanctions are working,” said a senior EU official, who asked not to be named. Despite the relatively short period of time so far, relevant effects on the Russian economy have already been achieved. It is also clear that the effects would become even stronger over time.
Specifically, the EU assumes that Russia’s economic output will shrink by 10.4 percent this year. For comparison: Economic growth of 2.7 percent is still expected for European companies this year in the EU, despite the consequences of sanctions and war.
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