DISINFO: The EU lost more from sanctions than Russia
SUMMARY
Over the years of political confrontation, the EU has lost more from mutual restrictions than Russia. The economic damage is estimated at tens of billions of euros.
RESPONSE
Recurring pro-Kremlin disinformation narrative about Western sanctions on Russia claiming that they have backfired.
Since March 2014, the EU has progressively imposed restrictive measures against Russia. The measures were adopted in response to the illegal annexation of Crimea and the deliberate destabilisation of Ukraine.
According to research into the effect of sanctions, the cumulative export loss to Russia during 2014-2018 is estimated at EUR 30 billion (about -0.2% of EU’s GDP in 2018), incurred largely during 2014-2016, as EU exports to Russia recovered in 2017. While these sanctions do affect the EU's economy, the EU-wide impact of the export losses are estimated at less than 0.2% of total value-added and employment. Research showed that already in 2016 most of the affected agricultural sectors had been able to find alternative markets, either within the EU or beyond.
According to a Bloomberg report, sanctions have knocked off 6% of Russia’s GDP since 2014. The sanctions played a major role, although other factors were present as well. And the GDP of the Russian Federation is now 10 percent smaller than might have been expected before the crisis in Crimea. Sanctions also play an important role in the relatively small wage increase in Russia in comparison to other countries in 2019.
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.
See similar disinformation claims that it was EU that suffered the most from anti-Russian sanctions; that EU has lost hundreds of billions due to sanctions on Russia; that the EU is suffering from sanctions against Russia; that EU sanctions against Russia dealt a big blow to Europe itself; that EU has lost hundreds of billions due to sanctions on Russia; that Russophobia weakened Europe; and that sanctions actually help Russia.