The head of the European Union’s foreign policy service, Josep Borrell, published a lengthy political article on the department’s official website with an analysis of the sanctions against Russia. This is, in particular, the “unprecedented” reduction in exports and imports in 2022.
Borrell gives the following figures in his document:
- the volume of EU imports from Russia decreased by 58% compared to 2021,
- export volume: 54%,
- non-energy imports decreased by 60% (especially ferrous metallurgy, precious metals and wood),
- The import of Russian coal into the EU has been completely halted, affecting about a quarter of all Russian coal exports.
- Total Russian oil revenue fell 27%.
As a result:
- the Russian economy contracted by 2.1% in 2022,
- Car production in the Russian Federation decreased by 48% year-on-year.
- computer, electronic and optical products: 8%,
- high-tech production: by 13%,
- retail trade decreased by 10% and wholesale trade by 17%.
- and Moody’s has already downgraded 95 Russian companies (including most energy companies).
All this, according to the head of EU diplomacy, are already “unprecedented” figures, which were achieved precisely through 11 sanctions packages. But the process only accelerates: in the first quarter of 2023, non-energy imports decreased by 75% and energy imports by almost 80%.
Borrell points out that Russia is taking every opportunity to resist sanctions, so a number of additional steps need to be taken:
“While it is doubtful that other countries can fully fill the gap left by EU-sanctioned products, this highlights the need for stronger action to circumvent EU sanctions. To this end, we will intensify our engagement with key third countries, urging them to closely monitor and take action against trade in EU-sanctioned goods.”
Author:
Ekaterina Alipova
Source: RB
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