Despite the European sanctions, taken after the invasion of Ukraine by Russia, Moscow continues to enrich itself, estimates Jordan Bardella. The interim president of the National Rally was on BFMTV on Sunday September 4: “We see today that the energy sanctions that we have taken against Russia are much more painful for the French people than for Russia, which is drowned in cash. Russia’s trade surplus has doubled and its hydrocarbon revenues increased by 40%.
On the face of it, Jordan Bardella is right. If we look at the sales figures for gas, oil and coal, the countries of the European Union have spent nearly 90 billion euros since the start of the war. This was calculated by Crea, an independent energy research centre, which is based on several indicators such as maritime transport, for example.
According to the Crea, Russia, it is true, has seen its income increase despite the sanctions, in particular thanks to soaring energy prices. For example, in May, European imports fell by 15%, while prices rose by 60%, indicates the institute. In short: Moscow sells less, but sells much more expensively. To compensate, Russia has also found customers who matter more than before. This is the case, for example, of China or India.
Except that behind these figures hides another, more contrasting reality. If sales in the energy sector are still high, this is not the case for the rest of the Russian economy, which is notably subject to the rest of the sanctions, such as the departure of Western companies or the exclusion of banks. of the Swift network, which facilitates transactions between countries.
According to the International Monetary Fund, Russia’s gross domestic product (GDP) is expected to fall 6% this year and 3.5% next year. This is less than expected but it remains a “severe recession”, according to the IMF. There is also another indicator: inflation. It has jumped in Russia since the European sanctions: +15% in July over one year. Very strong price increases that the Russians had not experienced for 20 years.
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