Economic impact of sanctions against Russia

16.3.2022

Priority question for written answer  P-001056/2022
to the Commission
Rule 138
Rasmus Andresen (Verts/ALE)

On 24 February 2022, the Heads of State and Government adopted a package of economic sanctions against the Russian state, Russian banks and Russian nationals with financial operations in the EU.

The measures adopted include export restrictions and sanctions against the financial sector.

The Commission is being quoted in the German media with figures as to the economic effects of the various measures.

• 1.According to the Commission’s forecasts, what are the expected economic effects of the sanctions package for the Russian and EU27 economies respectively, and what are the effects of the individual measures on gross domestic product, inflation and unemployment, broken down to provide a quantified overview of the economic effects for the European Union and Russia?
• 2.Is the estimate circulating in the German media to the effect that the financial sanctions adopted affect 70 % of the Russian banking sector correct and, if so, what are the underlying calculations – in actual numbers – and, if not, to what extent – again in actual numbers – is the Russian financial sector likely to be affected by the sanctions package?
• 3.Does the Commission have any insight into how a possible exclusion of Russia from the SWIFT international payment system would impact EU Member States and Russia economically, broken down by economic sector?