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Vlasyuk: Russia loses €170bn from sanctions, but manages to circumvent restrictions

More than 40 countries have imposed sanctions on the aggressor country.

Vlasyuk: Russia loses €170bn from sanctions, but manages to circumvent restrictions

40% of recent sanctions packages against Russia are based on Ukrainian recommendations. Russia is the leader in terms of the number of sanctions imposed on it - it has even more than the DPRK and Iran.

Vladyslav Vlasyuk, Advisor to the Head of the Presidential Office, Secretary of the Yermak-McFaul International Sanctions Group, said this during the discussion "Crime and Justice: How to Bring the Aggressor to Justice" organised by and EFI Group as part of the New Country project.

However, he noted that, unlike other countries, the United Nations has not imposed sanctions against Russia. In fact, more than 40 countries adhere to sanctions restrictions.

More than 30% of the Russian budget is already spent on the army, while some Russian industries have already disappeared.

The sanctions have also affected the growth of Russia's GDP, with an annual increase of 2-3%. In addition, for the first time since the 1990s, Gazprom has become unprofitable.

However, Russia is trying to circumvent the sanctions, and partially succeeds.

"They continue to make a lot of money on oil - about €10 to €17 billion a month. This is what we have seen in recent months," Vlasyuk said.

"They are able to earn this amount by adjusting to the sanctions. Ukraine is working to eliminate this.

In addition, European companies that have not withdrawn from the Russian market continue to bring money to Russia through taxes. In 2023, European banks paid €800 million in taxes to Russia - twice as much as in any other year

According to Vlasyuk, the most conservative estimate of Russia's losses from sanctions is €170 billion.

"But they can afford to lose as long as they can continue to make money," he added.

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