The EU Chief Diplomat Josep Borrell considers the sanctions imposed by the EU against Russia for the war it unleashed effective and is convinced that their effect will become more noticeable over time, although it will not help to stop the war, European Pravda reported.
"Sanctions, combined with military support, international pressure, and diplomatic efforts, are bearing fruit. And the more time passes, the more painful they will become for the leadership in the Kremlin and the Russian economy," Borrell commented on the effectiveness of the sanctions.
He noted that the main purpose of sanctions is to make it more difficult for Putin to finance the Russian military machine.
"Sanctions are not a panacea, they will not stop the war by themselves. This is only one of the tools we used, but it is already clear that they are working and have serious consequences for Russia: the Russian economy has suffered significantly and is losing its ability to modernize," the diplomat added.
He noted that, according to the forecasts of the Organization for Economic Cooperation and Development, the Russian economy in 2023 will shrink by 5.6%, the most among the G20 countries; that more than 1000 international companies, which accounted for about 40% of Russia's GDP and supported 5 million jobs, have left Russia by their own decision, and the EU has already reduced imports of Russian oil by 90% and has drastically reduced dependence on Russian gas.