24 Jan 2023 20:05
Eric Bonse takes stock on his blog “Lost in Europe”. And it turns out bad. The EU’s expectations linked to the sanctions have not been fulfilled. On the contrary, there is now a threat of an end to “made in the EU”.
Brussels-based journalist Eric Bonse draws on his blog Lost in Europe Balance sheet on EU sanctions against Russia.
The EU Commission had promised effective sanctions, which should initially prevent a military escalation before February 24th. Then they should “ruin Russia”. Finally, it was promised that they would drive up the cost of “Putin’s war” so that, in the end, Russia would not be able to afford that war. Nine packages of sanctions have been passed so far, and the EU Commission is currently working on a tenth.
None of the goals were achieved, Bonse states:
“Not a single goal was achieved. Putin was not deterred from the invasion, Russia was not ruined, the ‘war chest’ was not emptied – and the war was not ended. On the contrary: At the height of the wave of sanctions in the autumn, it escalated more and more .”
Also with regard to the energy war the result is meager. Preliminary figures would indicate a clearly negative cost-benefit balance:
“Accordingly, the EU states had to spend around a trillion dollars to decouple themselves from Russian energy supplies, to procure alternatives and to compensate their citizens to some extent.”
At the same time, Russia has increased its income from the sale of gas and oil by almost a third. The Russian budget received 28 percent or around 2.5 trillion rubles (around 31.6 billion euros at the end of 2022) more in the past year, according to Moscow.
The “war chest” has not been emptied, but filled – not least thanks to speculative and dysfunctional markets, which the EU has hardly regulated to date.
Apparently, the previous sanctions packages have had no effect. At least towards Russia. The prospects for the EU, on the other hand, have clouded over massively. There is a threat of an end to “made in the EU,” writes Bonse, referring to the magazine political.
more on the subject – Media: Bulgaria convinced EU to freeze Russia’s central bank reserves