Sanctions against Russia to be tougher than those from 2014, – Polish PM

European nations are preparing sanctions against Russia that will be much harsher than those imposed after the 2014 annexation of Crimea, Poland’s prime minister Mateusz Morawiecki said on February 18.

We are constructing a package of concrete sanctions, which are to be much stronger than those from 2014,” Mateusz Morawiecki told a news conference in Brussels broadcast by state-owned news channel TVP.

Budapest does not support the introduction of new sanctions against Russia and calls on EU colleagues to “seriously work out” the issue of restrictions, Hungarian Foreign Minister Péter Szijjártó stated.

Net capital outflow in January 2022 increased to $12.8 billion, while in January 2021, it amounted to $9 billion. Russian media reported it, citing Russian central bank data.

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According to the analysts’ estimations, in the event of an attack on Ukraine and the imposition of US sanctions proposed by the Democrats, the outflow of capital from the debt and stock markets of Russia may approach the indicators of 2014-2015, and the ruble will lose up to 20%.

Swedish economist and a Senior Fellow at the Atlantic Council Anders Åslund assures that the Russian economy could grow 2.5-3% more each year if there were no sanctions. “Most importantly, Russia could take more loans. Other developing countries took out 30% more loans than Russia. Russia has lost these resources. At the same time, foreign investment has practically come to a halt. The total amount that Russia has lost over the course of 7 years, according to our calculations, is 950 billion dollars,” he said.

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