Al Jazeera: Sanctions against Russia may not work, we now know why
European businesses and third countries are actively circumventing the sanctions by providing Russia with sanctioned goods and thereby aiding its war effort.
On February 25, 2022, one day after Russia’s full-scale invasion of Ukraine, the European Union imposed unprecedented sanctions against the aggressor. The measures were aimed at sending a clear signal to Moscow that there will be severe consequences for its actions.
The sanctions were aimed at the close circle of Russian President Vladimir Putin, as well as Russian companies and several sectors of the Russian economy. In the months that followed, the sanctions regime against Russia was expanded by eight more, hitting its most valuable exports to Europe – oil and gas – and limiting its access to goods that could be used in the war against Ukraine.
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WNU editorRussia is a global resource superpower. You can’t close that trunk without severe economic pain. But the Western leaders still continued..
They decided not to buy Russian products and not to export the products to Russia. And they pay dearly for it. The rest of the world has a different view of what is happening in Ukraine, and they have decided not to heed the West’s demand for Russian sanctions. It’s not surprising. Their economies are booming.
On a personal note.
My aunt came today to be with my sick mother. She is my mother’s younger sister, lives in Moscow. It took him 18 hours and 4 connecting flights to get to Montreal. It used to take 8 hours and maybe one connecting flight.
I asked him how the sanctions were affecting him and his friends. His response was …. no effect. The shops are full and almost every western product and brand he is familiar with is available. He also told me that everyone he knows is flush with money.
I am not surprised to hear that last comment from my aunt.
Before the war, hundreds of billions of dollars were flowing out of the country every year. Now there is no more. Sanctions have killed that practice. That money now remains in Russia, and it has a huge impact on everyone’s life. My aunt is included.