“Sanctions are likely a hammer blow to our EAEU allies,” says Russian Foreign Ministry

Amid the unfolding events in Ukraine, the Western sanctions imposed on Russia have also struck its allies within the Eurasian Economic Union (EAEU). However, the member countries of the union are fully capable of mitigating the negative consequences of these restrictions together. This statement was made by Russian Deputy Foreign Minister Alexander Pankin in an interview with Izvestia.

“Sanctions against Russia are not only retaliatory but are likely a hammer blow to our allies, the closest economic and trade partners in the Eurasian space. It is hard for me to imagine who could replace Russia in EAEU markets, given that we have free movement of goods, services, capital, and labor,” the diplomat said.

At the same time, he emphasized that the topic of sanctions and their removal has long been on the Eurasian agenda, and the EAEU possesses a range of tools to somewhat compensate for the negative impact, particularly the ability to conduct transactions in national currencies and involve regional development banks for funding purposes.

He added that many cooperation projects within the EAEU, which have been outlined and received roadmaps and action lists, “will be implemented intensively and accelerated in the context of unprecedented sanctions pressure on Russia.”