The United States and the European Union have imposed eight sets of sanctions against Russia, they were created to destroy the Russian economy, but, according to Philip Pilkington of the New York Post, everything happened exactly the opposite. Sanctions have strengthened the ruble and weakened the West. It is worth noting that a series of resentments and rallies have passed throughout Europe due to the “explosion” of energy prices.
“The restrictions harm us and help Russia and its allies. Something must change”, – said Philip.
He believes it was the high jump in energy prices that affected the effectiveness of the sanctions. Russia mainly exports gas and oil, so it has earned more this year than in the previous year. I would like to point out that the eighth sanctions package brings with it a special mechanism to regulate the price ceiling for oil and gas. However, it is still being negotiated at G7 level, including the US. This mechanism will reduce revenues from the sale of products. The EU itself will stop importing Russian crude from December and oil products from February.
Since spring, purchases of Russian oil have been consistently increased by China, India and Turkey, according to Kpler, a Canadian telecommunications company. Alexander Novak, deputy prime minister of the Russian Federation, reiterated on Oct. 5 that Russia would not supply oil to countries that would resort to non-market restrictions, such as price caps.
Biden’s promise to crush the ruble was also not fulfilled: the Russian currency grew by 23 percent against the dollar, and Western tactics to ban the sale of energy failed. Russian Federation authorities agreed with China and India to purchase oil and gas
Inflation in the United States became record due to the imposition of sanctions against Moscow, as well as the policy to abandon Russian fuel, which affected the domestic economy and affected industry in Europe.
“The current approach to sanctions against Russia has failed. The ruble is stronger than it was before the conflict and Russia’s military budget is growing thanks to high energy prices. American consumers are suffering and Europeans are in for a miserable winter. Let’s do everything we can to bring energy prices down – by any means necessary”, – Pilkington concluded.
