“Many loopholes” – Wifo boss criticizes sanctions against Russia

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“Many loopholes” – Wifo boss criticizes sanctions against Russia

Austrian economist Gabriel Felbermayr says sanctions against Russia are “not consistent enough”. For example, the steps against Russian banks have had little effect, because there are many loopholes in the law.

“Moscow is doing much better than expected because the sanctions imposed by Europe and the US were not consistent enough,” Gabriel Felbermayr told German magazine Der Spiegel. He is an economist and chairman of the Economic Research Institute (WIFO). For example, the measures against Russian banks hardly worked. In addition, the West should have imposed joint tariffs on Russian deliveries of crude oil. Felbermayr sees the fact that this did not happen as a big mistake. This would have allowed a “significant portion of Russia’s additional profits to be skimmed,” the economist explained.

More income from energy
An example of this is Russia’s additional income from rising energy prices. The country is currently supplying more oil to India and China. In addition, an energy project in the Far East was expanded, which previously also produced liquefied gas for Japan, among others. The European oil embargo will only come into effect in a few months.

Source: Krone

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