Russian economy rolled back 30 years due to sanctions – Foreign Ministry in response to Hungary’s statements
The Ministry of Foreign Affairs of Ukraine has commented on the statements of the Hungarian Foreign Ministry that the Russian economy seems not to have suffered from sanctions, so EU leaders who advocated for restrictions should resign.
In response, Ukrainian Foreign Ministry spokesman Oleh Nikolenko cited figures provided by the EU Council, the World Bank and the IMF.
In particular, he noted that the sanctions resulted in a drop in Russia’s GDP from 5.5 to 9%. In addition, the volume of trade in goods and services decreased by 30-35%.
International organizations record a reduction in Russian oil exports to the EU by 90% by the end of the year. Almost 1 thousand foreign companies, which accounted for 40% of GDP, have already left Russia.
Inflation in Russia is currently at 22%. And the aggressor country cannot import technologies and components.
Therefore, Russia is experiencing a rapid decline in production and depreciation of the capital market.
– The Russian economy has rolled back 30 years. Statements that European sanctions do not affect the Russian economy are not true. No matter how hard Moscow or Budapest try to downplay the effectiveness of Brussels’ decisions, sanctions work and limit Russia’s ability to finance the war against Ukraine,” emphasized Nikolenko.
By the way, recently Hungarian Foreign Minister Peter Szijjarto said that his country does not intend to join the joint package of assistance to Ukraine from the European Union for €18 billion.
In addition, he once again criticized the EU sanctions against Russia, because they, he said, do not harm Moscow and hit only Europeans.
