The German federal government considers the sanctions imposed because of the Ukraine war to be effective and expects an economic slump of up to 15 percent in Russia this year. This emerges from a response from the Ministry of Economic Affairs to the Left MP Sören Pellmann.
The ministry’s response said: “The sanctions are hitting the Russian economy hard and will continue to have an impact. Serious calculations are predicting a recession in Russia, which means a reduction in Russia’s gross domestic product in a range of six to 15 percent for the year 2022. “
The Council of the EU assumes that Russia’s gross domestic product will fall by “more than eleven percent”. After the Russian attack on Ukraine, the EU countries jointly agreed on six packages of sanctions, including a coal and an oil embargo. The ministry’s response said the punitive measures against Moscow were aimed at those responsible for the Ukraine war and at the Russian state’s ability to finance it. “Among other things, the sanctions have an impact on the course of the war, since they weaken military capabilities and the industrial base in the long term.” It goes on to say: “The sanctions of the EU and its partners are deliberately designed in such a way that their effects hit Russia much harder than the EU.” However, the government admits that there are also effects on the states due to the economic ties.
Source: Nachrichten
