DISINFO: EU sanctions are hurting Europe more than Russia
SUMMARY
EU sanctions place an increasingly heavy burden not on the country that started the war, but on Europe and the European economy.
RESPONSE
Pro-Kremlin narrative on the energy crisis in Europe amid the unprovoked Russian invasion of Ukraine, subsequent Western sanctions on Russia and Russian retaliatory measures reducing gas supplies. This narrative plays into the Kremlin's claims that the West is collapsing. The Kremlin seeks to pressure and blackmail the European governments and create public panic over energy insecurity / energy costs.
The EU adopted so far six sanction packages against Russia due to its illegal aggression and occupation of Ukrainian territories. Not all trades restrictions are yet enforced as the energy sector needs longer transition periods so it is too early to assess the full effect of the sanction as that work in a the long term. However, it is incorrect to state that Russian economy would be barely affected or would even benefit from the sanctions. The Russian leadership is constantly demanding the sanctions be removed.
A recent study from Yale University takes a detailed look into the effects sanctions are having on the Russian economy, concluding that "business retreats and sanctions are catastrophically crippling the Russian economy." The Russian central bank forecasted that the country's economy will shrink by between 4 percent and 6 percent this year and by between 1 percent and 4 percent in 2023, before returning to positive growth in 2024.
Meanwhile EU member states have adopted a regulation to fill gas storages and share them in a spirit of solidarity, diversified supply sources and committed to reducing gas demand by 15% this winter. Despite recent developments, and in particular the cut of Russian gas flows via Nord Stream I, Europe is prepared for this winter. EU underground gas reserves have been filled by 82.5% of their capacity, well ahead of the 1 November deadline set in the gas storage regulation.
See more disinformation cases on energy issues amid invasion of Ukraine.
Read also related cases : The New York Times reports that Russia is barely affected by sanctions, sanctions against Russia worsen the economic crisis in the West , Sanctions are beneficial to Russia so the West should recognise Crimea as Russian, FT: Thanks to sanctions Russian agriculture strengthens its position in the world, The EU lost more from sanctions than Russia, European sanctions against Russia do not work.