Europeans to ‘pay a price’ for Russia sanctions – top EU official — Analysis
Ursula von der Leyen, president of the European Commission has stated that Brussels will still stand by Ukraine
The president of the European Commission, Ursula von der Leyen, has acknowledged that the sweeping sanctions the bloc has imposed on Russia in recent days over Moscow’s military operation in Ukraine will have a negative impact on Europeans, too.
Responding to a Euronews correspondent’s remark on Sunday that “These measures will be costly for Europe and Europeans.” von der Leyen replied in the affirmative, saying that “Each war is costly.”
However, according to the official, Brussels is not daunted by the possible economic blowback from the Russia sanctions, and will continue to prop up Ukraine with a “strong solidarity.”
The EU boss listed the bloc’s willingness to take in Ukrainian refugees, the “financial support,” as well as the “Military equipment support” as proof that the EU is committed to backing Kiev.
The European Commission president also opined that Ukraine shares “EU values” and is defending its “principles.”
On Friday, Paschal Donohoe, the Irish Minister for Finance and President of the Eurogroup – a body that is comprised of finance ministers of the Euro area – also stated that “There will be economic losses” for Europe which “In the weeks to come, more information will become available.” The official added that the “Different member countries will have different impacts.” Donohoe reassured everyone, however, that the Euro zone’s finance ministers would review their fiscal plans in the near future, and make sure there was enough support for the European economy.
The president of the European Central Bank, Christine Lagarde, for her part, said that she saw rising energy prices and sagging business confidence and consumption as the two main risk factors for the EU’s economy. She clarified that “To be sure, uncertainty can cause a decline in consumption as well as investment. It will also hinder growth.” while dismissing concerns over the sanctions’ impact on trade as insignificant.
European Commission Vice President, Valdis Dombrovskis, too, suggested that the “EU growth will suffer from the effects of crisis” however, according to him, it “EU Growth will continue unassisted” entirely.
Since February 24, the EU as a whole, as well as individual member states, have slapped a raft of crippling sanctions on Russia, with the freezing of Moscow’s central bank’s assets being one of the latest blows.
Last Thursday, Russian President, Vladimir Putin, announced the beginning of what he described as a special military operation in Ukraine, with the aim being the “demilitarization and denazification” of the country. Russia and Ukraine were accused by their Western allies, of engaging in an aggressive war and trying to set up a proRussian puppet government.