https://intellinews.com/russian-sanctions-boomerang-effect-means-a-year-of-stagnation-for-europe-in-2024-308348/

Russian sanctions boomerang effect means a year of stagnation for Europe in 2024

The boomerang effect of the Russian sanctions on the EU member states is having a mixed impact. Germany, France and Italy are worst affected as the pain from the changes in energy and input supplies impact their economies, dragging them down into recession, while the less dependent on Russia like Spain and Portugal are already showing signs of recovery, according to ING analysis.

Overall Europe is headed for a year of stagnation that could be worse than in 2023. By contrast Russia reported growth of 3.5%, according to the preliminary results. And on January 18, an ebullient Russian President Vladimir Putin said that growth could come in at over 4% after revisions. The Russian Ministry of Finance (MinFin) also revised its GDP growth outlook for 2024 up to 3.5%, much improved from the earlier Central Bank of Russia (CBR) forecasts of around 2% for this year.

Currently, sanctions seem to be doing more harm to Europe than they are to Russia.