As of: February 28, 2024, 11:45 a.m
By: Bona Hyun
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Moscow ruler: the Russian autocrat Vladimir Putin.
© IMAGO/Alexander Kazakov
Economist Ulrike Malmendier calls for sanctions against Russia to be expanded.
She sees good substitutes for Russian gas.
Berlin – “Economic approach” Ulrike Malmendier has called on the European Union to tighten its sanctions against Russia.
In an interview with the
Rheinische Post
on Wednesday (February 28, 2024), she emphasized that the EU would be well advised to “stop purchasing any more gas from Russia and resolve possible problems in solidarity.”
There are now good substitutes.
Sanctions against Russia: economics calls for gas boycott
Malmendier explained: “We are no longer threatened from this side, and at the same time a gas boycott could be effective.”
She expressed her disappointment with the impact of the sanctions so far.
“Russia’s economy is more resilient and apparently not as internationally interconnected as many Western experts thought.”
Nevertheless, she advocated increasing the pressure on Russia through tougher raw material sanctions.
Calls for tougher sanctions against Putin are growing louder
The economic expert is not the only one calling for tougher measures against Russia.
Estonian Prime Minister Kaja Kallas has also spoken out in favor of stricter sanctions.
In an interview with Die
Welt
, she emphasized that one had to “think about unconventional solutions”.
Kallas added: "There is one thing that Russia is afraid of, and that is the use of the assets that we currently have frozen." She suggested using these frozen assets to protect Ukraine for the losses caused by Russia's war of aggression to compensate for the destruction caused.
“It is clear that Russia is harming Ukraine through the war damage it is causing.
“So Ukraine has a legitimate claim against Russia,” Kallas explained.
Economic crisis in Germany: development worries economists
Malmendier also commented on Germany's economic situation.
The numbers would indicate a technical recession.
She found that Germany, as an industrial country, had a harder time coming out of the Corona crisis than countries with little industry that quickly benefited from the end of the restrictions.
Nevertheless, Germany has mastered the energy crisis better than expected.
However, she expressed concerns about the country's long-term growth potential: "Germany remains below its potential in the long term," said Malmendier.
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The economic expert cited three main reasons for this situation.
Firstly, there is too little work being done in Germany and the volume of work is too low.
Secondly, the capital stock is outdated because both the state and companies have invested too little.
And thirdly, “there are too few young companies that rely on artificial intelligence, biotech and environmental technology,” says Malmendier.
(bohy with agencies)
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