Calls for sanctions – Orban: ‘EU economy shot itself in the lungs’

On state radio, Orban stressed that the sanctions would not help Ukraine, but rather destroy the European economy. Brussels must finally realize that sanctions are counterproductive and that sanctions cannot shorten the war. According to Orban, it can be seen that “the European economy has shot its lungs and is now gasping for air”. Regarding the winners and losers of the war in Ukraine, Orban emphasized: While Europe is losing, the US is not among the losers. On the contrary, American businessmen such as George Soros were among the war profiteers.

European Commission: “Sanctions work”
Orban’s statements are contradicted by figures recently published by the European Commission on the effects of the sanctions on the Russian economy. As experts from the EU commission confirmed to the German news agency, targeted trade restrictions are now affecting Russian export transactions, which had a volume of more than €73 billion a year before the war. Expressed as a percentage, this is approximately 48 percent of Russia’s previous exports to the EU.

In addition, within about four months, Russian assets worth about 13.8 billion euros were frozen – for example, by oligarchs and other supporters of Kremlin chief Vladimir Putin. Also the reserves of the Russian central bank, which are worth billions, are no longer accessible. “The available evidence shows very clearly that the sanctions are working,” a senior EU official, who asked not to be named, said Friday. Despite the relatively short period to date, relevant effects on the Russian economy have already been achieved. It is also clear that the effects will become even stronger over time.