Europe will have to face substantial challenges due to sanctions imposed

Brussels: Although sanctions against Russia have limited the country’s economic opportunities, at the same time, the European Union is facing substantial challenges, the chief of the European Union, Josep Borrell, admitted. Before Borrell’s confession, the world’s leading magazine, The Economist, also said that the sanctions imposed by Western countries on Russia have failed. After the initial shocks, the Russian economy started stabilising again, and a British magazine reported that Russia would get a staggering 265 billion dollars in revenue from the sale of fuel.

After the start of the Russia-Ukraine war, the United States and European countries took the initiative to impose sanctions on Russia. These sanctions had caused significant shocks to the Russian economy in the early days. The US had also threatened to break the backbone of the Russian economy. But in the last few days, only the western countries that imposed sanctions seem to have started to suffer. The confession given by the foreign chief of the federation seems to be part of it.

The conflict waged by the US and NATO against Russia by advancing Ukraine did not go as expected. The plan was successful in that Russia would take military action to teach Ukraine a lesson as it prepares to join NATO. However, the prediction that this conflict would have terrible effects on the Russian economy did not turn out to be true at all. On the contrary, the Russian economy is becoming more robust due to this conflict, and Russia’s policy to target fuel exports also seems to have turned over on Europe and the United States.

As the world faces an immense economic crisis, the conflict in Ukraine and Russia’s fuel embargo are having terrible effects also on the economies of major countries, Borrell admitted. Until now, the weapons of sanctions in the hands of the West were considered the most effective. But the conflict in Ukraine has made aware that the weapon of sanctions is blunt; in such piercing words, a magazine has made Western countries aware of their limitations.