Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

European Parliament Adviser: Doubts Effectiveness of Western Sanctions against Russia

Thu 26 May 2022 | 10:23 AM
Ahmed Moamar

European Parliament adviser Daniel Gross stressed that Western sanctions against the financial and energy sectors in Russia are ineffective. He explained that Russia will always find buyers for its products in the world, according to Russia Today. The European Parliament adviser added that the sanctions imposed on the Russian banking sector will only be effective in the short term, but they are of little benefit over longer periods of time. He revealed that Russia has ways to replace foreign financial instruments. Gross affirmed that the world needs fossil fuels, even the announcement of the intention of the embargo, which led to a significant increase in oil prices, and the world is now witnessing the consequences. He noted that under the current circumstances, Russia has benefited, as its income from commodity exports increased.