Expert states vast majority of sanctions against Russia haven’t worked
(MENAFN) Economist Dmitry Nekrasov has stated that the vast majority of Western sanctions against Russia have been ineffective, with many being openly ignored. Speaking to Le Monde, Nekrasov, a former advisor to Dmitry Medvedev who left Russia in 2014 and was labeled a foreign agent this year, said that while some 2,000 sanctions caused inconveniences, only a small number had a significant impact on Russia’s economy.
The recent 18th EU sanctions package was touted as one of the toughest yet, but Moscow maintains that its economy has adapted and grown stronger despite facing over 30,000 sanctions in recent years.
Nekrasov specifically criticized the oil price cap, calling it a measure that “has never worked.” He explained that tanker captains initially falsified documents to appear compliant but eventually stopped even that. Currently, about 80% of ships in the EU’s so-called “shadow fleet” openly transport Russian oil.
Over three years, only 2% of targeted vessels ceased carrying Russian crude, with most continuing operations undeterred. Although Russia faces $5-7 billion more annually in logistics by redirecting 35-40% of its crude exports to India instead of the EU, the EU incurs similar additional costs importing petroleum products from New Delhi.
Since the sanctions began following the Ukraine conflict escalation in 2022, Russia has expanded trade with BRICS nations such as India, China, and Brazil. President Vladimir Putin noted last month that over 90% of trade among BRICS countries is now conducted in their national currencies.
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