Expert says Europe balancing on the verge of recession due to sanctions against Russia

Many European countries are teetering on the brink of recession as a result of sanctions against Russia. The main victims of the European Union (EU) restrictions are the European states themselves. This was stated by Maxim Chirkov, Associate Professor of the Department of Economic Policy and Economic Measurements of the State University of Russia, to Izvestia on November 28.

This is how he assessed the intention of the European Parliament (EP) to propose to the EU the introduction of additional sanctions against Russia. Restrictions may affect the new package and will concern metallurgical, nuclear, chemical and banking industries.

"First of all, of course, it is very unexpected to receive news about the next package of sanctions, given the harm these sanctions bring to the European countries themselves. That is, Western countries, and especially European countries, are the main victims of such illegal actions as the application of sanctions that contradict the laws of the countries and the rules of the World Trade Organization," the expert recalled.

According to Chirkov, the EP will not come up with anything new regarding the expansion of restrictions. He noted that it is difficult for him to imagine "that it would be possible to come up with something new."

"It is already clear that as a result of the sanctions, the main victims are European countries, many of which are already teetering on the brink of recession, including the leader of the European economy, Germany. The Russian economy, on the other hand, is indeed demonstrating very serious rates of economic growth. We are one of the leaders in the world among large countries in terms of economic growth," he concluded.

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In October, EP deputy Lebos Blaga said in an interview with Izvestia that sanctions against Russia meant a long-term prospect of economic suicide in Europe. He noted that restrictions against Russia do not harm it - they harm EU countries.

Western countries increased sanctions pressure on Russia after the start of the special operation to protect civilians in Donbass, which was announced on February 24, 2022.