Russian economy braces for more bans

Photo: Andrey Rudakov/Bloomberg.

The Kremlin has insisted that the Russian economy has adapted to Western sanctions and that Moscow is not afraid of the possibility of more restrictions.

On February 25, 2022, a day after Russia launched a special military operation in Ukraine, the European Union EU proposed a series of sanctions to send Moscow a clear signal of the serious consequences of its actions.

The bloc has introduced 11 bans so far and said last week it would continue to patch loopholes in existing ones. EU officials have said the bans could last for years.

“Russia has been withstanding the bans for a long time, for decades, and we have adapted enough to them, and so the five- to 10-year period does not concern us at all,” Kremlin spokesman Dmitry Peskov said on Tuesday.

Russia asserts that Western sanctions have contributed to promoting the development of the domestic economy and industrial production.

Some observers say the bans have been “circumvented” and have failed to punish Russia. According to a report by the Norwegian risk consultancy Corisk, which used customs data from 12 EU countries, as well as Norway, the UK, the US and Japan, the bypassing of export bans to Russia transferred goods worth up to €8 billion ($8.5 billion) in 2022.

Moscow asserts that Western countries are taking advantage of the campaign in Ukraine to weaken and sabotage Russia's security.

Nguyen Quang Minh (according to Al Jazeera)

Source: https://www.nguoiduatin.vn/dien-kremlin-nen-kinh-te-nga-san-sang-doi-dau-voi-nhieu-lenh-cam-hon-a632749.html