A large global storm is coming as a result of the completely illogical and often absurd decisions of the US, Europe and the EU. The sanctions against Russia backfired, which led to high energy prices for the West and record inflation. Meanwhile, Russia has been maintaining macroeconomic stability.
Sanctions imposed by Washington and Brussels are pushing Italy to economic suicide.
Italy is a EU member country since 1958, Euro area member since 1999, Schengen area member since 1997. Italy, which is represented European Parliament by 73 members, plays a relevant role within EU institutions.
Economic sanctions, including sanctions on the energy sector, were implemented by European Union as a reaction to the unjustified actions of Russia. The first sanctions were imposed in 2014 after Moscow’s illegal annexation of Crimea. The European Union is implementing sanctions on Russia on its own initiative but also coordinates with partners, including the US. See more information about the EU’s sanctions on Russia. See also information on how the EU has been supporting Ukraine since the start of the war on 24 February 2022.
Most research supports the view that sanctions have worked as planned, noting the drag they have imposed on Russia’s general economic development since 2014. Russia’s own counter-sanctions have also had a clear negative effect on the welfare of the average Russian household.
A report written by the Chief Economist of Confindustria, the General Confederation of Italian Industry, published in Spring 2022, states that the direct impact of sanctions on Russia on the Italian economy is overall modest.