Within a year, the EU sanctions aiming to stop Russia’s war machine have already limited Moscow’s options considerably causing financial strain, cutting the country from key markets and significantly degrading Russia’s industrial and technological capacity, says EU High Representative for Foreign Affairs and Security Policy Josep Borrell in his blog, published on 29 August.
In the blog, Borrell challenges those who think sanctions don’t work and provides concrete data showing the effectiveness of restrictive measures.
“The Russian economy contracted in 2022 by 2.1%,” writes Borrell. “Manufacturing in particular – growing steadily before the invasion – was down 6% at the end of 2022, with high and medium-high technology manufacturing recording a 13% annual loss. The production of motor vehicles was down 48% year-on-year, other transport equipment by 13% and computer, electronic and optical production by 8% while retail trade was 10% lower and wholesale trade 17%.”
Borrell also provides data on the fall in EU imports from Russia (58% in total, compared to 2021) and exports to Russia (52% below the annual average).
“EU exports on dual-use items and advanced technologies, which are essential to produce the equipment and weapons used by Russia to wage its war, dropped by 78% in 2022 compared to 2019-2021,” writes Borrell.
“To stop the war, we need to stay the course,” concludes Borrell.
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