Even in the columns of The Economist, we can read what the Hungarian government has been warning about for a long time: Western sanctions harm Europe more than Russia - Balázs Orbán, political director of the prime minister, drew attention on his social media page.
According to the article, although the sanctions have taken a toll on the Russian economy, the recession is now nearing its end, which is also clearly evident from the numbers.
It is clear from the current activity indicator of the investment bank Goldman Sachs that economic activity in Russia is becoming more and more lively, while that of the other major European countries is declining.
The latest forecast of the International Monetary Fund (IMF) also confirms Russia's economic recovery. While in April the IMF predicted an 8.5 percent decline in Russian GDP for 2022, today they expect a much more manageable 3.4 percent decline.
All of this indicates that Russia will be able to maintain its military expenditures and continue the war with Ukraine, explained the Prime Minister's political director.
"The sanctions clearly did not live up to the expectations," Balázs Orbán added.
Meanwhile, Europe has to deal with a severe energy emergency and wartime inflation, and is therefore rapidly moving towards economic recession, he pointed out.
He then highlighted:
it is time for Brussels to rethink its sanctions strategy before bringing Europe to its knees. Now we need effective diplomacy, a cease-fire and an early peace - this is in the common interest of Europeans!
Source: hirado.hu
Featured image: MTI
