Russia sanctions – level 2
29-05-2023 15:00
After more than a year since the war in Ukraine started, it is clear that sanctioning Russia was worth it.
The G7 recently decided to increase the sanctions on Moscow, which will make it even harder for President Vladimir Putin to fund his war on Ukraine. Over time, the sanctions continue to harm the Russian economy, but their impact on Europe became less important. Russia’s exports decreased by 28% in the first quarter of this year because Europe is no longer buying Russian oil and gas. But it is necessary to tighten the sanctions regularly because Russia can adjust over time.
It is now easier for Europe because Russia is no longer economically important, and Europe no longer depends on Russian energy. Russia only makes up 2% of EU exports, which is half of what it was in 2021.
Difficult words: sanction (to punish), tighten (to make or become more tight or strict), adjust (to become more familiar with a new situation).
You can watch the original video in the Level 3 section.
How have the sanctions placed on Russia by the G7 impacted the Russian economy?
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