Elise Denjean
modified to
2:01 p.m., January 28, 2022
To prevent relations between Russia and the United States from collapsing, the European Union could activate the economic aspect and put in place financial sanctions to try to make the Kremlin bend. To do this, the EU will not hesitate to use its status as the first economic partner of the Russians.
The European Union wishes, at all costs, to prevent the tete-a-tete between the United States and Russia. To do this, it can indeed press the financial sanctions button. Russian aggression would not be without consequences for Moscow’s finances. We speak, of course, of the European Union’s dependence on Russian gas, but the reverse also exists. Russia also has a lot to lose in the event of a conflict with Europe.
The European Union, Russia’s main partner
Indeed, Russia would have much to lose if it were to do without a partner like the European Union, of which it is the leading supplier of hydrocarbons and in particular of natural gas. A colossal source of capital that indirectly helps to fuel the income of Russian businesses and households by supporting the local currency. And that’s not the only thorn in Vladimir Putin’s side, according to Julien Vercueil, an economist specializing in Russia.
“What is underestimated is the importance of imports from the European Union of industrial capital goods. The European Union is the first supplier of Russia and this item, the item of industrial goods ‘professional equipment, is Russia’s main import item”, he explained before adding: “This shows the importance of the European Union in the modernization and the capacity of the Russian economy to support its progress in terms of productivity and international competitiveness”.
Other products for which Russia is very dependent on the European Union: transport equipment such as planes or cars, but also products from fine chemicals and the pharmaceutical industry.