(MENAFN) In a candid admission, Harriet Baldwin, a prominent British Member of Parliament and chair of the Treasury Select Committee, has conceded that the sanctions imposed on Russia by the United Kingdom and its Western allies have proven ineffective. Baldwin's remarks, made to the Financial Times, underscore concerns over the inability of sanctions to weaken Russia, particularly as its economy outpaces many Western nations.
According to Baldwin, despite concerted efforts to apply economic pressure through sanctions, Moscow has adeptly navigated around these measures, mitigating their intended impact. She cited the recent forecast by the International Monetary Fund (IMF), which projects Russia's economy to grow by 3.2 percent this year, surpassing growth rates in the United States, United Kingdom, Germany, and France.
Baldwin chairs the Treasury committee, tasked with evaluating the effectiveness of the United Kingdom's sanctions program in reducing Moscow's export revenues. The committee initiated an inquiry into this matter in February, with oral evidence sessions scheduled for Tuesday. Initial written evidence suggests that a more stringent approach is required to address sanctions evasion.
The ongoing inquiry aims to provide insights into the efficacy of the United Kingdom's sanctions policy and is expected to deliver its findings in July. Since the onset of Moscow's military operations in Ukraine in 2022, Britain, along with the United States and the European Union, has implemented a comprehensive sanctions campaign targeting Russia's financial and industrial sectors. These measures include restrictions on trade in raw materials and energy resources, crucial sources of Russia's export revenues. Despite the imposition of sanctions more than two years ago, concerns persist over their limited impact on Russia's economic resilience.
MENAFN01052024000045015687ID1108160323
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.