17
Oct
2023
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Effectiveness of the EU sanctions on Russia (debate)
Madam President, The sanctions may have weakened Russia's economy, but they have missed their basic goals, such as Putin finally ending his war. Thus, economic and political stability in Russia is largely preserved. After the export bans of Western countries, Russian imports actually fell by 40 percent at first. However, they recovered quickly and were back at pre-war levels as early as November 2022. Russia has found many ways to circumvent sanctions. Over a long chain of companies, for example, sanctioned goods such as microchips or drones land on the battlefields. Two-thirds of the components in Russian weapons at the front contain chips and microprocessors from US production. The money of Russian oligarchs in the amount of 100 billion euros is in Switzerland on accounts that have not been seized. There is considerable catching-up to make sanctions more effective. Sanctions can also serve an important purpose: They should be used as a bargaining chip in the framework of negotiations on a ceasefire and peace.