Reported by Joshua Askew

Summary of original article shown below

The article discusses the impact of sanctions imposed by the West on Russia following the Russian invasion of Ukraine. These sanctions, considered the most extensive since the Cold War, were initially thought to severely damage the Russian economy. However, Russia has shown resilience, with its GDP expected to rise by 0.7% in the current year, contrasting with stagnation in other European economies.

The article highlights several reasons behind Russia’s economic robustness despite sanctions. It points out weaknesses in the sanctions, particularly in the financial system, where banking channels with Russia remain open. These channels are intended for energy imports but are challenging to police, potentially allowing transactions to mask purchases of other goods, including military equipment.

Another issue raised is the existence of industries exempt from sanctions, such as the diamond industry. The EU, for example, does not include diamonds on its sanctions list, benefiting the world’s largest diamond producer.

The article also acknowledges the complexity of sanctions and the difficulties in completely cutting off certain trades, such as nuclear fuel. It suggests that not sanctioning certain goods, like medicines for Russian civilians, can avoid propaganda backlash against the West.

Experts interviewed in the article emphasize that while there are gaps in the sanctions regime, their purpose is to increase costs for Russia and force adaptations. Modern economies are tough targets, but the goal is to make it more expensive for Russia to maintain global ties.

The final issue highlighted is that third countries, like Turkey, Kazakhstan, and India, act as intermediaries for sanctioned goods, circumventing the sanctions. This raises questions about the consistency of sanctions among Western allies and the need for strong leadership to ensure compliance.

In conclusion, the article underscores the complex nature of sanctions and their intended purpose of raising costs for Russia. While there are gaps and challenges in their enforcement, the West aims to weaken Russia economically and strategically over time through a war of attrition.

Read full report: https://www.euronews.com/2023/08/24/cracks-loopholes-and-blindspots-what-are-the-wests-russia-sanctioning-missing