SITE’s Torbjörn Becker briefs EU on Russia’s economy and effects of sanctions
On May 13, Torbjörn Becker, Director of SITE, presented SITE’s latest report on the Russian economy to ECOFIN in Brussels. The meeting brought together EU Finance and Economy Ministers to address the Union’s internal economic and financial priorities, while also making space to consider the broader implications of Russia’s ongoing aggression against Ukraine.
The European Union is preparing to adopt a new round of sanctions in response to Russia’s continued aggression against Ukraine. The upcoming package focuses on vessels linked to Russia’s shadow fleet—used to bypass existing sanctions—and already received approval from EU ambassadors.
With a proposed 30-day ceasefire on the table, supported by the US and much of Europe, policymakers are also discussing an 18th sanctions package should Russia refuse to engage.
“We must remain firm. Easing pressure now would only benefit Russia,” said Swedish Finance Minister Elisabeth Svantesson before Tuesday’s EU meeting. “Sweden fully supports stronger sanctions.” (Reference: Svenska Dagbladet)
Alongside Svantesson, SITE's Director Torbjörn Becker traveled to Brussels to present SITE’s recent report on the Russian economy. Invited by Poland, which currently holds the EU Council presidency, Becker briefed EU Finance and Economy Ministers and regional partners on how sanctions are impacting Russia’s economic resilience.
“Sanctions alone won’t end the war immediately,” Becker noted. “But they weaken Russia’s economy over time, and every measure we take matters.”
Torbjörn Becker shares his insights on the current state of the Russian economy during a discussion in Brussels.
