Poland complains that sanctions against Russia are not effective

“The sanctions that we have imposed on Russia so far have not worked. This is shown by the fact that the ruble exchange rate is returning to the level it was before Russia launched the military operation in Ukraine. The actions of the Russian Federation. we have not produced the desired effect of the European leaders,” Polish Prime Minister Mateusz Morawiecki said on April 2.

The Polish prime minister added that some European leaders are under pressure from businesses to urge them to return to normalcy. Mr. Morawiecki called on Europe to apply “more realistic sanctions” against Russia.

“We must agree on resolute actions against Russia. We must confiscate their assets, it’s a new source of money. I have been talking about this source of revenue for weeks,” the Polish prime minister said. . He stressed that Europe should not just freeze, but must seize “hundreds of billions of dollars that are lying in European banks, central banks and oligarchs”.

Reuters At the end of last month, said that the Russian ruble rose strongly again in many consecutive trading sessions, reaching 83 rubles to 1 USD on March 31. Previously, the ruble exchange rate on February 23, a day before Russia launched a military campaign, was 81 rubles to 1 USD. The exchange rate once dropped sharply to 150 rubles for 1 USD on March 7.

The US and its allies have imposed a series of sanctions on Russia such as removing the most favored nation status, banning the import of many goods from Russia or removing some Russian banks from the SWIFT international payment system. Several countries have seized yachts and other assets of Russian oligarchs.

Moscow has repeatedly asserted that Russia will adapt to the new situation and that sanctions will not change its stance. Russia responded to the West by banning the export of more than 200 products in the fields of telecommunications, healthcare, automobiles, agriculture, electrical engineering and technology until the end of 2022. Deputy Chairman of the Russian Security Council Medvedev earlier this month. This warns Moscow may export only agricultural products friendly countries in the future.

President Vladimir Putin required unfriendly countries to buy Russian gas in rubles. These are the countries that impose sanctions on Russia, including the US, EU member states, the UK, Japan, Canada, Norway, Singapore, South Korea, Switzerland and Ukraine.

With this requirement, Europe will have to buy rubles worth hundreds of millions of euros a day. For Russia, that would provide them with strong foreign currency flows, while boosting demand for the ruble.

Ngoc Anh (According to NEXTA)