“Financial warfare" is not effective and may lead to serious problems for those who engage in it
This article originally appeared at Sputnik
The West is waging a trade war against several countries, including Russia, eventually proving detrimental to itself, German journalist Theo Sommer wrote in the newspaper “Die Zeit”.
“An economic war would bring not only Russia in trouble, but it could have fatal consequences for us. Do we want to […] really cut off our nose to spite our face?,” Sommer asked.
Economic sanctions are in recent times often used as an instrument to exert pressure on a number of countries instead of classical military means. However, they often do not have the desired result, the journalist claimed.
In the case of Russia, the imposed sanctions have so far only shown a very limited effect, reinforced by the drop in oil prices and the devaluation of the ruble. Moreover, they have increased Putin's popularity. His policy enjoys the approval of 86 percent of people, who blame the West for all the wrongs, Sommer said.
According to the journalist, the interests of the EU states significantly differ. Not all European countries back the extension of sanctions, and their strengthening is unlikely, despite the pressure of the United States.