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Fidesz MEP: Sanctions hurting Europe more than Russia

The sanctions imposed on Russia are "a slow-acting poison that seems to kill the one administering it before their intended target", Eniko Gyori, an MEP of Hungary's ruling Fidesz, said on Thursday.
2. March 2023 17:04

A year after the sanctions on Russia were imposed, it is clear that that they have failed to bring about the end of the war in Ukraine, and Europe “is paying a high price for them”, Gyori said in a statement after a meeting of the European Parliament’s international trade committee (INTA).

The European Commission had expected the Russian economy to contract by 15 percent as a result of the sanctions, yet the slowdown is just over 2 percent, Gyori said. She cited the International Monetary Fund (IMF) as projecting a slight growth for the Russian economy in 2023.

More than a hundred countries accounting for 40 percent of global GDP have not joined the oil embargo against Russia, she said, noting that Russia was exporting its oil to Asia. Meanwhile, the United States is making substantial profits from selling its liquefied natural gas, which could put Europe at a competitive disadvantage, she said.

In her address to the committee, Gyori called for a clear and detailed impact study on the effect of the sanctions on European inflation, energy price increases and the burden they place on families and businesses.

Gyori expressed disappointment that the EC was not publishing such data. “If we do not know the consequences of the policy we have been pursuing so far, how could we keep going down this dangerous path?” she said.

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