Josep Borrell, the High Representative of the European Union for Foreign Affairs and Security Policy, has published an article on financial sanctions against Russia.
The European Union has agreed on 13 sanction packages against Russia, the largest sanction effort ever, according to Borrell.
He believes that the Russian economy has experienced a sharp increase in inflation due to Western sanctions, with annual inflation rates exceeding 8% in Russia compared to 2.6% in the Eurozone, and food prices rising by 40% in 2023.
“In the Russian national accounts, investment spending has jumped by more than 20% since the beginning of its war of aggression against Ukraine. However, this is not a sign that the Russian economy is modernising at breakneck speed.” – emphasized Josep Borrell.
“In short, the belief that the Russian economy would be resilient to Western sanctions and that time favours Russia in its war of aggression does not stand up to scrutiny. If we do what is necessary to continue support Ukraine economically and militarily, in particular on the ammunition side, it can prevail.” – said the Vice-President of the European Commission.
