The West has not used all sanctions levers of influence on Russia – analysis of an economist

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The European Union is doing thorough work to prepare sanctions restrictions against Russia, but Western pressure is not enough. This opinion was expressed on the FREEDOM TV channel by Alexander Savchenko, Doctor of Economics, public figure and rector of the International Business Institute.

“The European Commission has decided that it is possible to prosecute people who help circumvent sanctions. Moreover, the European Commission recommended that all EU countries tighten penalties for these crimes at the national level. But really, let’s be realistic. The fact is that now both the Americans and the European Union have a lot of levers of influence that they have not used,” he said.

As an example, Savchenko cited Raiffeisen Bank, which helps Russian oligarchs withdraw money and works in their interests.

“Nothing now prevents the Biden administration or the European Commission from fining banks that work to circumvent sanctions or support the budget of the Russian Federation with their taxes. Let us once again advise our partners to set a precedent – to put someone in prison or, at least, start criminal prosecution of those who help circumvent sanctions or to fine this or that bank that works with national goods, conducting financial transactions,” said economist’s opinion.

In his opinion, the West has real levers of influence that it has not yet used against those who help Russia circumvent the imposed sanctions.

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Let us recall that the executive director of the Economic Discussion Club, Oleg Pendzin, said that the embargo on the supply of equipment and the arrival of Ukrainian drones significantly limited Russia’s ability to export supplies of petroleum products and fill the Russian domestic market.