Regardless of the 17 Sanction Packages of the EU against Russia, the Russia’s raw material power increased its export by almost 20 percent last year, according to a report from the “mirror”.
Time and again Moscow evaporates with getting used to the sanctions and opening other markets. And in fact, Kremlin Chief Vladimir Putin’s war protection must remain “well -filled” for his invasion of around $ 330 billion (285 billion euros) in the previous year. This reports the magazine, referring to an analysis of the Institute of German Economy (IW) in Cologne.
Russia greatly expanded his trade in Western sanctions with countries in the worldwide south. For example, India and China are important buyers of Russian oil and gas – and therefore pump billions in the Russian war.
The Russian trade in Western states such as Germany, Italy or the United States has fallen by a maximum of 92 percent. However, according to the report, EU member Hungary, Brazil, Turkey and Israel have moved considerably more Russian goods.
Putin’s war economy also for the export of weapons
Putin had caused economic problems because of the sanctions. However, he also increased the war economy and emphasized several times that Russia fulfills its obligations to export armament despite the war against Ukraine.
To deteriorate the income situation for Russia, the IW recommends reducing the price limit for Russian oil defined by the EU. The price lid is currently $ 60 per barrel. It is currently discussed that the upper limit for the 18th EU sanctions will be reduced to $ 45 per barrel. The Ukrainian president Wolodyymyr Senskyj, on the other hand, calls for a price member of $ 30 per barrel. The IW also advises to take the shadow fleet more difficult – it is about old ships that Russia uses to transport its oil to India, for example.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
