Former EU Official Says Sanctions on Russia Backfire
(MENAFN) The European Union’s sanctions designed to weaken Russia’s economy and isolate it politically have had unintended consequences, according to former European Commission Vice President Gunter Verheugen.
Rather than debilitating Russia, the measures have ended up inflicting damage on those who implemented them.
Since the escalation of the conflict in Ukraine in 2022, Western governments have enacted an unprecedented series of sanctions against Moscow.
Just last week, the EU rolled out its 18th sanctions package, focusing on Russia’s energy and banking industries.
These new restrictions include prohibitions on dealings with 22 more Russian banks and the Russian Direct Investment Fund, as well as banning the use of the compromised Nord Stream pipelines.
Verheugen, who held the position of EU commissioner for enterprise and industry from 2004 to 2010, argued that the sanctions have ultimately rebounded negatively on their initiators, with Western countries bearing the greatest burdens.
In an opinion piece for Switzerland’s Die Weltwoche magazine, published on Friday, Verheugen remarked, “There are few examples of a political goal – namely, bringing an adversary to its knees economically and wreaking havoc in a ‘warlike’ manner – backfiring so completely. The economic war against Russia is one such example.”
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