Polish PM: Putin ‘More dangerous than Hitler or Stalin’

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Ukrainian finance minister, Sergeii Marchenko told BBC that a full embargo on Russian energy might not result in the war ending but it will make it difficult for the country to finance its military needs. 

This came after the EU plans to impose a full energy embargo on Russia in the new sanctions. However, this is difficult considering the dependence of the countries on energy like oil and gas. These new sanctions, if imposed, could reduce, or fully cut, Russian energy supplies to the EU. This is because Russia accounts for about 25% of the bloc’s crude purchases. 

However, two countries, Slovakia and Hungary want exemptions even if the sanctions are imposed. Once the European Commission puts forward a new package of sanctions on Russia, then it is up to member states to agree to the decisions unanimously. So right now, they are struggling to find a balance between supporting Ukraine and their need for energy. 

Marchenko believes that since the prices for oil have gone up; it has benefited Moscow instead of it being the other way around. 

“Huge oil and gas prices help Russia to receive additional amounts to make their budget run with a surplus. In comparison we are running (the country) with very huge deficit (in) our budget,” he said.

Adding, “I believe that (a) full embargo can make Russia suffer more than it is right now.”

The economy of Ukraine is struggling a lot as lots of businesses are closed and the country is collecting fewer taxes. Moreover, the exports of goods by the country have stopped or reduced as well. Before the war, Ukraine was one of the top producers of sunflower, corn, and wheat but now since the Black Sea, one of the most important transporting spots is closed selling these crops is difficult. 

In fact, the World Bank predicted that this year the economy of Ukraine will shrink to almost half due to the war. So far, the government estimates that $600 bn worth of damage has been done and the country will need to be rebuilt. 

The war has benefitted none of the countries involved. On the other hand, it has caused economic destruction in many additional countries because of shared dependency in the world today. 



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