G7 sanctions against Russia: meaningless?
"We remain committed to fully implementing and enforcing our sanctions on Russia and adopting new measures as necessary," the G7 said on a visit to Kyiv to show their support on the second anniversary of the Russian full-scale invasion of Ukraine on 24 February 2022. Commentators have yet to be convinced.
Stymied by greed
Verslo Žinios looks at why the sanctions imposed so far have failed to have an impact:
“Despite their initial loud proclamations, neither the G7 nor the EU have imposed sanctions on all banks. ... There have also been attempts to reduce Russia's oil revenues: another partial-flop. ... What should have been a unanimous measure has been thwarted in every conceivable way by Western companies, and especially by Greek shipping companies, which sold their tankers to 'unnamed' buyers, thus enabling Russia to bypass the price cap on oil exports. ... Not to mention the sudden increase in exports from the West to Central Asia and the Caucasus. ... All these examples show that short-term interests and the pursuit of profit by Western companies have jeopardised the security of all Western countries.”
Global economy not made for war
Russia has had no problems finding alternative trading partners, observes RFI România:
“China, for example, started developing its own bank messaging system to compete with [the international banking network] Swift long ago. It's not up and running yet but until it is the Russians will simply pay for imports in Chinese yuan. The reasons why the sanctions have not had the desired effect ultimately has to do with the political will of the allies, but it is also linked to the Russians' ability to exploit the weaknesses of a global system that is made not for war, but for times of peace, for co-operation, for free trade. And last but not least, there are some countries that want to cooperate with Moscow or have an interest in doing so.”
Normal market rules don't apply here
In an article in LA.LV, political scientist and historian Kārlis Daukšts accuses the West of failing to grasp how effective cronyism is in Russia:
“When sanctions were imposed, they brought enormous wealth to the country's grey economy. To the endless bandits trading and importing cars or spare parts from Kazakhstan and Kyrgyzstan. That generates profit. They are delighted with the sanctions. ... And while the sanctions were being circumvented, the Russians also cranked up the money-printing machine. There is currently a vast amount of money circulating in Russia for buying the services of simple labourers or troops heading to Ukraine. ... This corrupt economy is completely misunderstood in the West, and that is why all the sanctions are not working.”