The Russian economy is growing faster than those of Western countries, the chair of the Treasury Select Committee has admitted
A senior British MP and chair of the Treasury Select Committee has admitted that sanctions on Russia are not working, as the country’s economy is growing faster than many of those in the West.
Harriet Baldwin told the Financial Times on Monday that sanctions had failed to weaken Russia as Moscow had found ways to work around them.
“There’s a general consensus that sanctions are not working in terms of their stated intent – causing real trouble for the Russian economy,” she said.
The MP referred to the latest forecast issued earlier this month by the International Monetary Fund (IMF). It predicted that Russia’s economy would grow by 3.2% this year – more than the US, the UK, Germany and France.
Baldwin chairs the Treasury committee tasked with investigating whether the UK’s program of economic sanctions has succeeded in reducing Moscow’s export revenues. It launched an inquiry into the matter in February, and MPs are expected to hold oral evidence sessions on Tuesday.
The committee has already received written evidence which, according to the FT, indicates that “a more robust approach” is needed towards sanctions evasion. The inquiry is due to report on its findings in July.
Read more