The Ineffectiveness of Economic Sanctions against Russia for its Invasion of Ukraine

Economic sanctions against Russia for its invasion of Ukraine were deemed unsuccessful. Russia became richer last year even as the war in Ukraine raged, while the US and Europe lost trillions of dollars. Photo/Doc Reuters

BERLIN – Economic sanctions to Russia for his invasion of Ukraine was considered unsuccessful and had not proceeded as desired. The ineffectiveness of the sanctions against Russia disappointed German Foreign Minister Annalena Baerbock.

Not long ago, he acknowledged that economic sanctions against Russia had not had the desired effect. As is well known, Europe, supported by its allies, has imposed various sanctions on Moscow in response to this Russia Ukraine war .

“Economic sanctions have to have an economic impact. But that’s not the case,” Baerbock said in an interview for his book “Emergency: Governing in Times of War” released on Thursday, according to AFP.

“We have learned that by rational decisions, rational steps, agreed between civilized governments, it is impossible to end this war,” he added in an interview on July 10.

The European Union launched 11 rounds of sanctions against Russia since Moscow invaded Ukraine on February 24, 2022, to pressure the Kremlin to end the war. Plus the United States or the US has also imposed massive sanctions against Russia.

However, Russia’s wartime economy appears to be booming as the Kremlin has increased production of military equipment and increased pensions, salaries and other benefits for the poor, among other subsidies.

Swiss bank UBS Global Wealth report 2023 also shows Russia got wealthier last year. Meanwhile the US and Europe lost trillions of dollars in personal wealth.

2023-08-27 08:54:19
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