Avid pro-Ukraine MEP says effect of sanctions on Russia 'less than 0'

By Al Mayadeen English
Source: Agencies
4 Jan 2023 13:21
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Member of the European Parliament Guy Verhofstadt laments that the Russian economy was doing better as a result of EU-imposed sanctions.

Belgian Member of the European Parliament Guy Verhofstadt

Belgian Member of the European Parliament Guy Verhofstadt, who also happens to be an avid Ukraine sympathizer, said on Wednesday that sanctions against Russia failed to produce the intended result of "punishing" Russia by weakening its economy.

He also lamented that Russia was doing better as a result of the EU-imposed sanctions.

1 picture says it all…

9 packages of sanctions and the effect is less than 0 !

We are rewarding Russia for its war against us ! pic.twitter.com/k80XbYIkjA
— Guy Verhofstadt (@guyverhofstadt) January 2, 2023

The chart in the above-mentioned Tweet indicates that between the months of February and August last year, Russia has indeed increased its trade turnover with all countries of the EU with the exception of Finland, Lithuania, Latvia, Denmark, Estonia, Sweden, and Ireland - effectively proving that western sanctions against Russia are a failed policy.

Of all countries listed, Slovenia was the country that topped all others in its imports of goods from Russia with a staggering increase of 346%, amounting to a total of €1.1 billion.

Luxembourg also increased its imports of goods from Russia by 262%, totaling €8 million in profits for Russia.

Germany recorded the highest amount in its trade turnover, with €20.7 billion worth of imports from Russia.

It was previously reported that during the period January-July 2022, trade volumes had reached €171.4 billion, a considerable increase compared to prior years.

While EU exports to Russia declined 33% during the first 7 months of 2022, amounting to just €34.1 billion, EU imports from Russia surged by 69.9% up to €137.3 billion.

Despite initial signs that the sanctions were clearly not working, the EU continued to carry out this ineffective policy.

According to the Central Bank of Russia, the most recent data show that Russia's external debt reached $434.1 billion in September 2022, compared with $469.3 billion in the previous quarter - a slight decrease.

On December 31, 2022, Russian President Vladimir Putin said he issued a decree allowing European countries to pay their debt using foreign currencies.

However, the repayment of debts will not mean that the supplies of Russian gas will resume, the decree stated.