Economics
Sanctions Pushing Russia Towards Economic Catastrophe, U.K. Says
- Report by U.K. lawmakers says sanctions are worthwhile
- Treasury Committee warns U.K. faces economic consequences too
This article is for subscribers only.
The U.K. government should press ahead with its sanctions against Russia as they are inflicting pain on Vladimir Putin’s regime, but should also help lower income families cope with the knock-on effect of higher energy and other living costs, a group of lawmakers said Wednesday.
Sanctions mooted by the U.S., European Union and U.K. against Russian energy imports could have a “catastrophic and long lasting” effect if fully implemented, while the existing restrictions placed on Russia’s central bank is particularly effective, a report on the measures by the cross-party Treasury Committee said. “Russia faces both a significant hit to the size of its economy and significant inflation,” it said.