European sanctions taking toll on Russian economy - von der Leyen

The restrictive measures the European Union has introduced against Russia as an aggressor state are dealing a heavy blow to the Russian economy. The longer this war lasts, the higher its cost will be for the Kremlin.

This was stated today in Strasbourg during a speech at the plenary session of the European Parliament in preparation of the European Council on December 19-20 by European Commission President Ursula von der Leyen, an Ukrinform correspondent reports.

“Our sanctions are taking a toll on the Russian economy. The rouble is at its lowest levels since the start of the war, in spite of massive countermeasures by the Russian Central Bank. Inflation has reached 70% in some sectors of the Russian economy. We are sending a clear message to the Kremlin: the longer the war continues, the higher the price for the Russian economy,” von der Leyen said.

She noted that the economic dimension of the ongoing war is as important as the military one.

“Over one-third of Russia's budget today goes to military spending. It is a war economy. So it is essential to undermine Putin's revenue potential. Last week, we adopted our 15th package of sanctions. It includes measures against Russia's shadow fleet and circumvention channels. And the 16th package is already in preparation,” the European Commission president said.

As reported earlier, a meeting of EU heads of state and government in the format of the European Council will be held in Brussels on December 19-20. The situation of Ukraine and developments in Syria will be among the top agenda items.

Photo: European Union