To ask Her Majesty's Government what assessment they have made of the effectiveness of current EU sanctions against Russia.
Answered on
26 March 2018
The UK plays a leading role in continuing EU sanctions against Russia to effect a change in its Ukraine policy and end its illegal annexation of Crimea. Sanctions have demonstrated a clear united Western position and will remain in place until Russia fully meets its commitments under the Minsk Agreements. Beyond the Kremlin’s bravado, sanctions are biting in Russia. Of Russia’s 3.7 percent overall Gross Domestic Product decline in 2015, Citibank assess sanctions caused nearly 0.4 percent. Financial sanctions are particularly effective, making it expensive and hard for Russia to secure western finance.