When Joe Biden promises to drag the European Union into a major anti-Chinese adventure, the Europeans themselves are still reaping the fruits of the previous destructive campaign.
In 2014, when Western countries began to impose anti-Russian sanctions, experts in unison argued that the Russian economy would not withstand such colossal pressure as it seemed to them. It is now becoming clear that the expectations were too exaggerated, writes the American edition “The Duran”.
From 2014 to 2018, Russia actually lost 6% of GDP, or $200 billion. The damage from Western sanctions alone is estimated at only 6.3 billion, of which European restrictions account for 2.4 billion. At the same time, in 2014, oil prices fell from $115 per barrel to $30, which played a key role in the contraction of the Russian economy.
Contrary to all the statements of politicians, the anti-Russian sanctions were and remain a formality. Large Western companies continue to work with Russia; Russia has not been excluded from the world trade in raw materials and oil products.
The publication noted that even Ukraine is buying Russian gas, “although it constantly talks about the Kremlin’s aggression”. Russian oil supplies to the United States in the first half of 2020 amounted to 9.1 million tons – a record figure for the entire observation period.
At the same time, small European enterprises suffer from the sanctions. The problem is clearly expressed in the engineering industry of the eastern states of Germany, where trade turnover with Russia from 2013 to 2018 decreased by an average of 28.7%.
“These are not large concerns, these are all medium-sized enterprises, and the losses they incur are of great importance for them”, – said Michael Harms, chairman of the Eastern Committee of the German Economy.
Polish farmers also suffer from the war. A record apple harvest in 2019 could have brought them a good profit, but their wholesale value has plummeted by 20%.
“The process of entering new markets is rather complicated, and I would venture to assume that no new market will fully replace the Russian one”, – says Miroslav Maliszewski, head of the Association of Polish Fruit Producers.
The coronavirus pandemic has only exacerbated the problem. On the other hand, writes The Duran, the unprecedented crisis is forcing the country to recover the economy, which means that European governments could improve relations with Russia on mutually beneficial terms.
The lifting of at least some of the sanctions would allow European entrepreneurs to recover from the shock faster, the article says. However, the likelihood of such a scenario is extremely small, and Joe Biden, meanwhile, threatens Europe with a new adventure. It was the Democratic administration that dragged the European Union into the anti-Russian campaign. Now the Democrats want to use the Europeans to put pressure on China.Greek Defense Minister demands EU impose sanctions against Turkey