'Russian economy worse than Moscow admits'
Author : ANP
The Russian economy is in much worse shape than the Russians themselves say, according to EU Commissioner Valdis Dombrovskis (Economy). Research by the Stockholm Institute of Transition Economics, which was discussed at a meeting of EU finance ministers on Tuesday, shows this. 'Their analysis highlights the unreliability of Russian statistics. The Russian economy is not performing as well as the official statistics suggest,' Dombrovskis said afterwards.

The vulnerability of the Russian economy is increasing, the analysis shows. According to Dombrovskis, this underscores the importance of measures taken by the international community "to limit the Kremlin's ability to continue its war of aggression against Ukraine."

A seventeenth package of sanctions against Russia is currently being worked on. Each new package requires the approval of all 27 member states. It is becoming increasingly difficult to get Hungary on board.

Fossil fuels
According to the European Commissioner, Russia's economic prospects depend primarily on the export of fossil fuels. According to him, limiting exports is the most effective way to 'reduce the source of income for the Russian war machine'.

An increasing share of Russia's budget is financed by taxes, not by oil or gas revenues, Polish Finance Minister Andrzej Doma?ski added. "When you know that the Russian economy is getting weaker, you know that sanctions work. That can encourage further action if necessary."

The European Commission wants to stop all EU imports of Russian gas by the end of 2027.