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More EU sanctions for Russia despite boomerang effect

Tuesday, 07 February 2023 2:25 AM [ Last Update: Tuesday, 07 February 2023 2:50 AM ]

Jerome Hughes
Press TV, Brussels

In recent months, Oleksii Reznikov has been mixing at the highest levels within NATO and the EU. He's just been sacked as Ukraine's defense minister amid a fresh corruption scandal. There was no mention of this at a press conference following a meeting of EU affairs ministers in Brussels on Monday. It was confirmed, however, that attempts are being made to apply more pressure on Russia over the war in Ukraine.

EU taxpayers have already sent €50bn to Ukraine. Ministers pledged on Monday to keep the money flowing. This, as mortgage repayments in the eurozone are going up after the European Central Bank increased interest rates.

The ECB is raising interest rates to try and control inflation, but it's damaging the EU's competitiveness. There's concern that employment will be impacted.

Analysts say EU sanctions against Russia are backfiring as higher energy costs spread throughout the bloc's entire economy. There's no relief in sight for mortgage holders in the eurozone. The ECB has indicated it will increase rates further in March.

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