The significant consequences of sanctions on russian economy pointed out Prime Minister Kyriakos Mitsotakis speaking CNN and to the journalist Nic Robertson.
He estimated that the Russian economy may shrink by maybe 10% and eliminate in just one year all the profits it has made in the last decade.
Especially for her field energyhe mentioned that needs a lot of attention“So that the measures we take do not end up harming us more than they harm Russia.”
Mr. Mitsotakis stated that Greece is currently hosting approximately 10,000 Ukrainianswhile offering not only humanitarian but also military assistance to the country.
Full interview:
Nic Robertson The atmosphere was dark at the NATO Summit, wasn’t it?
Kyriakos Mitsotakis I would say that the atmosphere was really dark. We understand that our world has changed. I believe that all of us, when we were elected to power, never imagined that we would be facing a war on European soil. It was completely unthinkable. But that’s exactly what is happening.
Nic Robertson So Greece has offered military assistance.
Kyriakos Mitsotakis Greece has offered not only humanitarian but also military assistance. We currently host about 15,000 Ukrainians. We know we need to do even more, but, Nic, we are a country at the forefront of the refugee crisis in the past.
We are therefore very concerned about providing a safe environment for Ukrainian refugees. We will all need to do more – this is something we know in Europe – because the numbers of refugees will be very large.
Nic Robertson A possible blockade on Russian oil and gas imports to the European Union has been widely discussed. However, there are concerns. Energy costs in Europe are rising. I know that this concerns Greece. You have turned to the European Union for a cap on energy costs and a solution. Is the European Union divided under this pressure from Russia over the level and type of sanctions it may impose?
Kyriakos Mitsotakis We have imposed a much broader package of sanctions than anything we have done in the past. And these sanctions have important consequences. We will see the Russian economy shrink, perhaps by 10%. All the profits that Russia has made in the last decade could be eliminated within a year. So these are very important sanctions.
Of course, in terms of energy, we must be very careful that the measures we take do not end up hurting us more than they hurt Russia.
Nic Robertson But is that not the meaning of sanctions? They are sanctions instead of war. The freedoms of Ukraine and the freedoms for which this war is essentially being waged do not come at a price. European nations and the United States must expect to pay an economic price.
Kyriakos Mitsotakis I think we are already paying a price. I believe that, for sure, we all need to reassess the forecasts for the growth rate of our economies. We are facing significant inflationary pressures as a result of the war and energy costs are really affecting us. It affects our citizens. But at the end of the day, although we have an obligation to support Ukraine, we also have an obligation to support our citizens so that they do not carry heavier burdens than they can bear.
Nic Robertson Does America, with what it wants, what President Biden wants in terms of sanctions, go beyond the level of impact that Europe can withstand?
Kyriakos Mitsotakis The truth is that the US depends to a much lesser extent on Russian gas compared to Europe. This is the reality.
Also, Europe’s energy transition is certainly not just a climate issue anymore, but also a geopolitical issue.
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