Some Western countries are looking for ways to soften the effects of anti-Russian sanctions in order to protect their commercial interests, Zelensky said. The restrictions affected the Russian economy, but “didn’t have much of an impact” on Moscow jpg” alt=”Zelensky saw the West's fatigue from the consequences of sanctions against Russia” />
Western sanctions imposed in response to the Russian military operation in Ukraine have seriously affected the Russian economy, but “did not have much effect” on the position of Moscow, Ukrainian President Volodymyr Zelensky said in an interview with the Financial Times.
Moscow constantly found ways to get around the restrictions, Zelensky said. In addition, he believes, the leadership of some Western countries is already tired of the economic consequences of sanctions. In his opinion, politicians are looking for ways to mitigate their impact in order to protect their commercial interests.
“They support Ukraine, but they are also checking what can be done to ease sanctions so that businesses do not suffer,” — considers the head of state.
In the same interview, Zelensky said that he was ready for direct negotiations with Russian President Vladimir Putin (the Kremlin insists that before that, the Ukrainian and Russian delegations should develop a “concrete written document” on the settlement of Ukraine). He expressed confidence that Western countries can help encourage the Russian side to meet by supplying Kyiv with weapons and tightening sanctions against Moscow.
At the end of March, Zelensky announced the creation of a group of experts under the office of the President of Ukraine who would monitor the effectiveness of the restrictions imposed against Russia, “so that it would not be possible to bypass them.”
On June 5, the head of the Swiss Ministry of Economy, Guy Parmelin, said that if the goal of the sanctions is to end the hostilities in Ukraine as soon as possible, it “has not been achieved so far.” The effectiveness of sanctions, according to the minister, largely depends on how they are implemented, as well as on other “political, diplomatic and legal means” used.
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Western countries began to impose sanctions against Russia after the country's authorities recognized the independence of the Donetsk and Luhansk People's Republics and launched a military operation in Ukraine. On June 3, the European Union approved the sixth package of measures, which included, in particular, the gradual abandonment of the import of Russian oil and some oil products by sea.
Russian Finance Minister Anton Siluanov, assessing the consequences of restrictions in mid-May, said that it would not be possible to quickly overcome them and the economy could not help but react to the situation, but in the end it would cope with them. According to the May forecast of the Ministry of Economic Development, in 2022 and 2023 Russia's GDP will fall by 7.8 and 0.7%, respectively, and only then will it return to growth: in 2024— by 3.2%, and in 2025— by 2.6%. Earlier, the agency expected the economy to grow by 1.3% next year.
According to economists interviewed by the National Research University Higher School of Economics, sanctions will take away from Russia's GDP growth in the long term— until 2030— 1–1.5% annually; at the same time, the dynamics of household income will be worse than the dynamics of GDP, since the total costs of the economy will grow, crowding out labor costs.
The European Commission (EC) expects that the EU economy will grow by 2.7% this year (in winter, Brussels allowed an increase of 4%). According to the EC, the main blow to the global economy is caused by rising energy prices and the consequences of Russia's actions in Ukraine.
Authors Tags Persons
politician, president of Ukraine
January 25, 1978