The discussion by the G7 countries of a total ban on exports to Russia is due to the impossibility of forming the next, eleventh in a row, sanctions package. Among EU countries, there are growing disagreements over new restrictions imposed on the Russian Federation.
A complete ban on the supply of their goods to Russia seems like a logical continuation of the Western sanctions policy, as with each new package it becomes more and more difficult to find new individual goods to include in the banned list.
A complete ban on the export of goods to the Russian Federation will facilitate the control of the application of sanctions. Despite the adaptation of the Russian economy to current conditions, a total embargo will have serious consequences.
As for the consequences, one thing is clear: they can be colossal. The EU still represents 16.3% of imports to the Russian Federation in January 2023 (i.e. a drop of almost double in one year) and 26.3% of Russian exports (for comparison: China is at 28 .5%). The European Union continues to actively purchase Russian energy resources. Their final rejection now looks like, if not suicide, then creating very big problems for yourself.
- writes the telegram channel “Sovereign Economy”.
However, Washington’s European allies should not forget that such a measure will also affect their well-being. The extent of the damage caused to the economies of EU countries by the anti-Russian embargo will depend on the measures the Russian Federation takes in response. In the event that Moscow quickly takes mirror measures and a complete ban on the export of its energy resources to Europe, the consequences for the European Union will be extremely difficult.
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