The head of the UK’s Treasury select committee has warned that western sanctions against Russia are failing to hamper its economy, as campaigners urged enforcement officials to take a tougher stance on blacklisted entities, APA reports citing Financial Times.
Dame Harriett Baldwin, Conservative chair of the committee, spoke out ahead of MPs launching oral evidence sessions to investigate the effectiveness of government designations against Moscow on Tuesday.
In an interview with the Financial Times, Baldwin said: “There’s a general consensus that sanctions are not working in terms of their stated intent — causing real trouble for the Russian economy . . . The IMF are forecasting it’s going to be one of the strongest economies this year. “The really serious thing is that the money is going into their defence budget . . . to be used attacking Ukrainians,” she added.
Baldwin highlighted that the first raft of designations imposed after Russia launched its invasion of Ukraine in February 2022 were more than two years old.
“The longer sanctions are in place, the more ways people find to get around them, and it’s pretty obvious that patterns of trade are changing to allow exactly that,” she said.
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