Russia sanctions have ‘completely backfired' – ex-EU commissioner
'Objective data shows that the sanctions policy primarily harmed its originators, especially Germany,' he noted, warning that the attempt to 'ruin' Russia is a 'life-threatening idea.' The EU has not acknowledged this outcome, he added. Moscow has condemned the sanctions as illegal, arguing they have inflated EU energy prices and forced reliance on costlier imports, undermining the bloc's competitiveness. Germany, which prior to the Ukraine conflict sourced 55% of its energy from Russia, remains mired in a two-year recession. Some European officials have conceded that the EU's sanctions on Russia have inflicted greater damage on European businesses than on their Russian counterparts, industry leaders say. Ferdinando Pellazzo, head of the Italian-Russian Chamber of Commerce, warned that the measures have severely impacted small and medium-sized enterprises. Siegfried Russwurm, president of Germany's BDI industry association, cautioned that the country faces growing deindustrialization risks as high energy costs – driven by the cutoff of cheap Russian supplies – squeeze competitiveness.
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