Putin Aide: EU Sanctions Hurt Europe More Than Russia

By Staff, Agencies

European Union sanctions aimed at Russia are inflicting more harm on the bloc’s own member states than on Moscow, according to Kirill Dmitriev, the Russian presidential envoy for investment and CEO of the Russian Direct Investment Fund [RDIF].

In a statement on Telegram Friday, Dmitriev criticized the EU’s latest round of sanctions—its 18^th package—which includes measures targeting Russian hydrocarbon exports and financial institutions such as the RDIF.

Dmitriev said the sanctions were politically motivated and personally driven by European Commission President Ursula von der Leyen. He argued that the RDIF was targeted precisely because it “promotes dialogue between Russia and the United States, facilitates efforts to resolve the conflict in Ukraine, and supports Russia’s economic growth.”

“These sanctions backfire on Europe,” he said, noting that EU member states are being cut off from stable energy supplies and the Russian market, both of which he described as vital to European economic stability.

Despite unprecedented sanctions pressure, Dmitriev pointed out that Russia’s economy expanded by 4.3% last year, compared to just 0.7% growth in the Eurozone.

The RDIF continues to advocate for a rollback of the sanctions regime, Dmitriev said, adding that over 30,000 Western sanctions have so far failed to coerce Moscow into abandoning its core national interests.

Kremlin spokesman Dmitry Peskov echoed the sentiment Friday, asserting that Russia has developed “a certain immunity” to Western economic pressure.

President Vladimir Putin, speaking last month at the Eurasian Economic Union summit in Minsk, dismissed the sanctions as self-defeating for the West. “The more sanctions are imposed, the greater the damage to the imposers,” he said.