– It is not only the sanctions adopted over the past year that are in effect against Russia, as the measures taken by the Union during the conflict that broke out in 2014 are also in force. It’s true that the 10 sanctions packages introduced over the past year are more important from an economics point of view, said Daniel Molnar, a macroeconomic analyst at the Macronum Institute, when contacted by our newspaper.
He pointed out that the most prominent measures may be those that limit the export and import of some products. In general, export restrictions affect equipment and devices that represent a high level of technology, for example that can be used for military purposes or necessary for the production of luxury products. On the other hand, import restrictions mainly apply to raw materials (for example, crude oil, coal, steel, cement, wood and plastic), which are among the main export products of the Russian economy.
– In terms of volume, the latter category is the most important, with an almost double difference: imports affected by sanctions amounted to 91 and exports to 44 billion euros in 2021. Daniel Molnar stated that punitive measures are extended to the banking system in order to limit the financing of Russian companies , as well as financial assets located abroad.
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