logo
‘Double-edged sword': Kremlin's ‘painful recoil' warning on EU's fresh sanctions on Russia

‘Double-edged sword': Kremlin's ‘painful recoil' warning on EU's fresh sanctions on Russia

Hindustan Times17 hours ago

The Kremlin on Sunday warned Europe against imposing fresh sanctions on Russia, cautioning that tougher measures would trigger a more painful economic recoil for EU nations. Kremlin called the sanctions 'illegal' and said that Russia had grown resistant to such actions.(via REUTERS)
Kremlin spokesperson Dmitry Peskov described the proposed sanctions as 'illegal' and said Russia had developed resilience against such punitive actions.
Responding to remarks by Western European leaders, including French President Emmanuel Macron, that stricter sanctions could pressure Moscow into peace talks, Peskov said that only 'logic and arguments' could bring Russia to the negotiating table.
"The more serious the package of sanctions, which, I repeat, we consider illegal, the more serious will be the recoil from a gun to the shoulder. This is a double-edged sword," he told state television.
Peskov told state television's top Kremlin correspondent, Pavel Zarubin, that he did not doubt the EU would impose further sanctions but that Russia had built up "resistance" to such sanctions.
Russia's invasion of Ukraine in 2022 triggered a wave of Western sanctions on Russia, and it is by far the most sanctioned major economy in the world. European Commission's fresh proposal of sanctions on Russia
The European Commission on June 10 proposed a new round of sanctions against Russia, targeting Moscow's energy revenues, its banks and its military industry to force the country to end the war in Ukraine.
On the other hand, the United States has so far refused to toughen its own sanctions on Moscow.
Europe hopes that sanctions will force President Vladimir Putin to seek peace in Ukraine. But the measures don't seem to be working. Though the Russian economy contracted in 2022, it grew in 2023 and 2024 at faster rates than the European Union.
President Vladimir Putin said on Friday that any additional EU sanctions on Russia would simply hurt Europe more, and pointed out that Russia's economy grew at 4.3 per cent in 2024 compared to the eurozone's growth of 0.9 per cent.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

The crisis before the crisis — how a failing economy was one of the triggers for the Emergency
The crisis before the crisis — how a failing economy was one of the triggers for the Emergency

Indian Express

time26 minutes ago

  • Indian Express

The crisis before the crisis — how a failing economy was one of the triggers for the Emergency

While a swelling Opposition campaign and an Allahabad High Court order setting aside Prime Minister Indira Gandhi's election to the Lok Sabha in 1971 were the immediate trigger for the imposition of Emergency, trouble had been brewing for the better part of a decade in the non-political sphere. After a strong 1963-64 and 1964-65, over which GDP growth averaged 6.7%, the Indian economy was hit by a phenomenon not seen in 75 years of official data — two consecutive years of decline in overall economic activity. In 1965-66, India's GDP shrunk by 2.6%. This was followed by a 0.1% decline in 1966-67. It was because of another rare occurrence — consecutive droughts. According to a 2005 India Meteorological Department paper, the previous 130 years had only seen one such other case, in 1904 and 1905. Inflation, as a result, shot up to nearly 16% in 1966-67. The twin droughts came at a time when India was already a huge importer of foodgrain. With grain output crushed by a fifth, India leaned heavily on the US's PL-480 scheme for grain – under which the US distributed foreign food aid – and was soon the programme's biggest beneficiary. Not helping matters was the tension with Pakistan, with the Budget for 1965-66 estimating that of the total revenue expenditure of Rs 2,116 crore, Rs 749 crore or roughly 35% would be spent on defence services. 'With two wars (1962 and 1965), a series of poor harvests including two droughts, and an unstable external environment, the 1960s were years of severe strain for the Indian economy,' as per the second volume of the History of The Reserve Bank of India (RBI). India also required significant financial assistance from Western countries and the World Bank. As its current account deficit rose to 3.7% of GDP in 1966-67 and foreign exchange reserves declined, there were concerns about how India would meet its external debt repayments. In June 1966 — just a few months after taking over as PM – Mrs Gandhi had already approved the devaluation of the rupee by 36.5%, to Rs 7.50 per dollar from Rs 4.76 per dollar. In the 10 years starting 1965-66, the economy averaged just 2.6% growth. The share of the biggest employer, agriculture, in India's GDP fell to 31.5% in 1966-67 from over 40% a decade ago. Come 1974-75, agriculture's share had changed little, being about 31.1%, while the share of manufacturing had edged up by 60 basis points to 13.8%. To say that Mrs Gandhi inherited a flailing economy in January 1966 would be an understatement. But the years that followed were not easy either, with her government's first challenge being the peasant movement in Naxalbari, which hit its peak in May 1967. While growth somewhat recovered in the late 1960s and averaged 5.7% in the four years ending 1970-71, by then Mrs Gandhi, having survived a split in the Congress, had nationalised banks, abolished privy purses and privileges and hiked income tax rates to above 90%. Her government had also approved a licence for her son Sanjay Gandhi to manufacture an 'Indian Volkswagen'. Amid all the tumult, Indira announced that the next general elections would be held a year early, in 1971. 'The millions who demand food, shelter, and jobs are pressing for action. Power in a democracy resides with the people. That is why we have decided to go to our people and seek a fresh mandate from them,' she said in December 1970 in a broadcast to the nation. As the Opposition came up with the slogan 'Indira Hatao', she countered with 'Garibi Hatao (remove poverty)'. While this worked, the tide was already turning before an old foe struck again – India saw another drought in 1972. 'As famine loomed in rural India, Indira's slogan 'Garibi Hatao'…came back to haunt her. She told her growing chorus of critics that poverty could not be eradicated overnight. They said she was not removing poverty; she was removing the poor,' American biographer Katherine Frank wrote in her 2001 book Indira: The Life of Indira Nehru Gandhi. The domestic unrest was fuelled further by the 1973 oil crisis, which pushed up wholesale inflation to more than 20%. The government responded by cutting expenditure and enforcing mandatory savings on salaries. Corruption was rife, factories shut down, and strikes became regular. Pressure further increased against the Indira Gandhi government with the successful Navnirman Andolan in Gujarat and a 1974 Railway strike led by George Fernandes, then president of the All India Railwaymen's Federation. The rail strike was cited by Mrs Gandhi as an attempt by the Opposition to paralyse the country for political gains. It was crushed with wide-scale firings and evictions from staff quarters, among other measures. However, the end was nigh. June 12, 1975, was a particularly difficult day for Indira. First, her confidant and then Ambassador to the Soviet Union, D P Dhar, died in hospital. Then came the results of the Gujarat Assembly elections, with a united Opposition under the Janata Morcha defeating the Congress. Finally, in the afternoon, came the Allahabad High Court order. Less than two weeks later, the Emergency was declared.

'Enemy of God': Top Iranian cleric issues fatwa against Trump, Netanyahu
'Enemy of God': Top Iranian cleric issues fatwa against Trump, Netanyahu

Hindustan Times

time26 minutes ago

  • Hindustan Times

'Enemy of God': Top Iranian cleric issues fatwa against Trump, Netanyahu

Days after US President Donald Trump's announcement of a ceasefire between Iran and Israel, a 'fatwa' has been issued against him and Israeli PM Benjamin Netanyahu. File photo - US President Donald Trump welcomes Israeli Prime Minister Benjamin Netanyahu at the entrance of the White House(REUTERS) The fatwa, a religious ruling in Islam, was issued by Grand Ayatollah Makarem Shirazi, a senior Iranian cleric, in response to a question by a group. According to Iran's Mehr news agency, Shirazi was asked about Trump and Netanyahu's "threats" against Supreme Leader Ayatollah Ali Khamenei, and what the Muslims' duties are in response to them. "Any person or regime that threatens the Leader or Marja (May God forbid) is considered an enemy of God," the cleric reportedly said in the fatwa issued by him. In Shia Islam, Marja is a title given to top clerics who make legal decisions in Islamic law. Shirazi also reminded Muslims and Islamic states that it would be "haram" to stand in support of the enemy. "It is necessary for all Muslims around the world to make these enemies regret their words and mistakes," the fatwa said. A fatwa is a religious ruling issued by an Islamic scholar in response to a question on how to act in accordance with Islamic teachings. A fatwa is not legally enforceable but holds weight in judicial decisions in countries with Sharia-based legal systems. The senior Iran cleric's fatwa comes days after Trump claimed he saved Khamenei from "an ugly and ignominious death", and knew exactly where he was sheltered. During the 12-day Israel-Iran conflict, the Israeli military had been actively searching for Khamenei, with Defense Minister Israel Katz openly threatening to kill him. "I estimate that if Khamenei had been in our sights, we would have taken him out," Katz had reportedly said. However, the ayatollah disappeared from the public eye once Israeli airstrikes on Iran's nuclear facilities began on June 13 and several top Iranian commanders and scientists were killed. Days after the conflict began, Netanyahu also hinted at Khamenei's life being in danger, saying he was not ruling out eliminating the Supreme Leader, and that Israel was "doing what we need to do". The conflict between Israel and Iran ended with a US-brokered ceasefire on June 24.

‘That's the way world works': Trump plays down tensions with China, says ‘we're getting along well'
‘That's the way world works': Trump plays down tensions with China, says ‘we're getting along well'

First Post

time28 minutes ago

  • First Post

‘That's the way world works': Trump plays down tensions with China, says ‘we're getting along well'

US President Donald Trump has downplayed China's sabotage campaign involving cyberattacks and smuggling and said 'that's the way world works'. read more US President Donald Trump has said that the relationship with China is 'getting along well' and dismissed concerns about Chinese acts of sabotage. In an interview with Maria Bartiromo for Fox News, Trump said that 'that's the way the world works' when asked about Chinese acts of sabotage, such as intellectual property theft, smuggling, and cybercrimes. The remarks have come at a time when the Trump administration is negotiating a deal with China. In recent weeks, the two sides have announced understandings to ease the supply of Chinese rare earths and ease US restrictions on China's access to advanced technologies. STORY CONTINUES BELOW THIS AD For years, US and Western agencies have held China responsible for stealing intellectual property, smuggling drugs and other things into Western countries, and waging a sabotage campaign, including cyberattacks. 'That's the way it works' When Bartiromo asked how the United States could negotiate with a country that 'hacked into our telecom system, they've been stealing intellectual property, fentanyl, COVID, all of this stuff', Trump downplayed these concerns and said that both sides did such things. 'You don't think we do that to them? We do a lot of things. That's the way the world works. It's a nasty world,' said Trump. In a reference to ongoing US-China trade talks, Trump said that the United States is 'along well with China'. Trump further said, 'I think getting along with China is a very good thing, but they are paying substantial tariffs.' Trump hails trade talks with China — and ties with Xi Jinping Trump hailed ongoing talks with China and his relationship with Chinese leader Xi Jinping. As a result of his negotiations, China 'would be paying a lot of tariffs' and such tariffs would generate up to trillion dollars in revenue, Trump told Fox. Trump further said that he has a 'great relationship' with Xi. Trump further said, 'We had a deal with China where it was 145 percent tariffs. And I will tell you, everything stopped in China. I saw that everything stopped, and we did China a favor, but we're getting along well with China.' STORY CONTINUES BELOW THIS AD After reaching a trade truce earlier, the United States and China last month reached an understanding that would ease China's supply of rare earths to US companies and ease US restrictions on China's access to critical technologies. The exact terms of the understanding were not clear. At the height of tariff war, Trump had imposed 145 per cent tariffs on China and China had imposed 125 per cent tariffs on the United States. As per the truce reached earlier, US tariffs came down to 30 per cent and Chinese tariffs came down to 10 per cent.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store