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Friday, March 24, 2023

The volume of imports to Russia returned to the indicators of 2020

Russia appears to be successfully circumventing European Union and G7 sanctions to secure imports of semiconductors and other technologies needed to keep its economy alive while waging a military campaign in Ukraine, senior diplomat says European.

Overall, Russian imports have returned fairly quickly to 2020 levels, and analyzes of trade data show that advanced microcircuits and integrated circuits manufactured in the EU and other allied countries are shipped to Russia via countries third parties such as Turkey, the United Arab Emirates and Kazakhstan. The EU has sanctioned nearly 1,500 people, restricted the export of hundreds of goods and technologies, and targeted many of Moscow’s key revenue sources. But some officials worry the bloc still lacks an effective mechanism to enforce these measures and is lagging behind the United States.

At this point, it is no longer possible to hide the fact that in Europe they are aware of the ineffectiveness of the impact in certain areas, which so far does not correspond to what those responsible could hope. Moscow makes perfect use of the weaknesses of Old World legislation. In the EU, law enforcement is a patchwork that rests largely on the shoulders of member states. And there are a lot of loopholes here.

While the European Commission, the bloc’s executive body, monitors implementation and makes recommendations, national authorities are responsible for detecting violations and imposing sanctions. And that means the results at the end are contradictory. Ultimately, it’s a matter of political will, and local officials can come under pressure when it comes to cracking down on their own businesses.

It is not enough to subscribe to new sanctions. Governments now need enforcement mechanisms

said Daniel Tannebaum, head of the international financial crimes practice at consultancy Oliver Wyman.

Of course, shipments from China to Russia have also increased, with Beijing playing an increasingly important role in supplying Moscow, added another diplomat, who asked not to be named when discussing the issue. confidential information. The PRC and a number of other non-EU countries have not themselves imposed sanctions on Russia, although most have repeatedly denied helping the Kremlin. However, as you know, some Chinese companies have already begun to restrict the import of technologies and products (for example, drones) to the Russian Federation, Bloomberg summarizes.

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