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Sanctions against Russia: do they work or not?
Find out why sanctions are not affecting the Russian economy and London is worried. Britain is looking for explanations for the unexpected result.
Sanctions against Russia: do they work or not?
The sanctions against Russia have not yet had the desired effects in Great Britain, the USA and the EU. British politicians such as Dame Harriett Baldwin have expressed concerns that the long-term use of sanctions gives people more opportunities to avoid them. This changes trading patterns that undermine the aim of the sanctions.
Despite Western sanctions, the International Monetary Fund (IMF) predicts that Russia will be one of the fastest-growing economies this year, with a growth rate of 3.2 percent. However, this growth is largely attributed to increases in defense spending and is viewed by economists as unsustainable.
To examine the effectiveness of the sanctions, members of the British Parliament have launched an investigation. Anti-corruption NGOs have presented evidence showing that British companies may be dodging sanctions. The Finance Committee's report on the inquiry is expected in July and is expected to recommend measures to strengthen prosecution of sanctions evasion.
The situation shows that sanctions have not yet had the desired impact on the Russian economy, but may have increased defense spending and evasion opportunities. The discussions and research in the UK indicate that the effectiveness of sanctions against Russia is being questioned and that measures are needed to improve enforcement.