FX.co ★ EU’s plan to crash Russia's economy proves ineffective

The Turkish newspaper, Star gazete, pinpointed the failure of the EU plan to undermine the Russian economy by cutting off energy resources. The authors of the article note that Moscow generates high incomes despite restrictions. Hence, the Russian economy is growing. “The West’s plans to embarrass Russia through sanctions have collapsed under the weight of Russian oil and natural gas revenues,” they said. There are three main factors that help Russia withstand the negative impact of sanctions. Among them are the rise in energy prices around the world, the increase in Russian supplies to Asia, as well as the reluctance of some EU countries to abandon Russian imports. Bloomberg reported earlier that Europe was getting tired of the sanctions imposed on Russia. Therefore, EU leaders had to ease pressure on the country. In particular, several EU countries demanded concessions on pipeline oil supplies as part of the sixth package of sanctions.