Borrell announced a reduction in trade between the EU and Russia

The EU’s 11 packages of anti-Russian sanctions are working, Russia has been cut off from key markets as a result of the restrictions, and its trade with the EU has declined, EU High Representative for Foreign Affairs Josep Borrell said in a statement. article for your blog.

According to Borrell, sanctions, despite Russia’s oil and gas revenues, have a “strong, tangible impact” on its economy, and the consequences of the restrictions imposed will increase over time. Separately, the official cited data on imports and exports for 2022.

“Compared to 2021, 58% of total EU imports from Russia have already been phased out in 2022 – an unprecedented split. Imports of non-energy goods from Russia fell by almost 60%, with iron and steel, precious metals and timber falling most notably,” he wrote, adding that the decline is accelerating this year as well.

Deliveries of European goods to Russia also declined amid sanctions, Borrell points out. The volume of exports from the EU in 2022 was 52% lower than the average annual figure, which was recorded before the outbreak of hostilities in Ukraine. In particular, the supply of dual-use goods and advanced technologies fell under the reduction, the fall was 78% compared to 2019-2021.

Latest, 11 package of sanctions against Moscow EU introduced at the end of June. At that time, 87 organizations, as well as 100 individuals and a number of media outlets, were subject to restrictions. The ineffectiveness of EU sanctions against Russia has been repeatedly stated, in particular, by Hungary. Foreign Minister Peter Szijjártó said they failed and the whole world is laughing at the EU’s restrictive policy. The Russian authorities criticized the restrictions imposed, Russian President Vladimir Putin called them illegitimate and said that they “cause serious damage to the international legal system.” The Kremlin said that Western citizens have to pay for sanctions against Russia.