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Putin touches the most painful point in Europe

Putin touches the most painful point in Europe - Photo 1.

Russian President Putin.

According to Bloomberg: “Despite the fact that the European Union has introduced the harshest restrictions against Russia, the number of compromises is growing, from concessions on oil supply through the pipeline to the removal of Patriarch Kirill from the sanctions list.

Bloomberg believes thatthe economic war against Russia has divided the EU, as the countries are “tired of sanctions”. The “financial weapon” is an imperfect tool that acts selectively and leads to unintended consequences,” the article notes. Bloomberg Economics estimates Russia’s oil and gas revenues will be around $285 billion this year. “Add that to other commodities, and that amounts to more than $300 billion of Russia’s foreign exchange reserves frozen due to sanctions,” the authors of the article summarize.

Western countries face economic problems such as high energy prices, severe inflation rates due to the imposition of sanctions against Russia after it launched a special military operation in Ukraine.

Restrictive measures mainly affect the financial sector and the supply of high-tech products, but in Europe, stronger opinions are starting to urge to reduce dependence on Russian energy sources, Many brands have announced their withdrawal from this country.

The Kremlin called those actions an economic war, but noted it was prepared to deal with such an event.

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