"Russia's Bankruptcy Is Only A Matter Of Time," Says EU Boss

Von der Leyen says the new package of sanctions against the country should hit the oil sector and banks

European Commission President Ursula von der Leyen said this Sunday (April 17, 2022) that the bankruptcy of the Russian state due to Western sanctions after Vladimir Putin’s regime invaded Ukraine is only a “matter of time.” ” may be.

“The bankruptcy of the Russian state is only a matter of time,” von der Leyen told the Sunday edition of the German newspaper “Bild”.

Von der Leyen said sanctions are increasingly hitting the Russian economy “week by week” and that “exports of goods to Russia have fallen by 70%”.

“Hundreds of large companies and thousands of specialists have left the country. According to current forecasts, GDP in Russia will fall by 11%,” said German politicians.

The EU is currently working on a sixth package of sanctions against Russia. According to von de Leyen, the new round is intended to hit the spared Russian banks and the Moscowcontrolled lucrative oil sector.

“We continue to look at the banking sector, particularly Sberbank, which alone accounts for 37% of Russia’s banking sector. And of course we deal with energy issues.”

So far, the EU has spared the Russian bank Sberbank because it is one of the main payment channels for Russian oil and gas alongside Gazprombank.

Von de Leyen also said that reducing financial gains must be Putin’s priority. “Oil is traded globally,” she said. “What must not happen is that Putin gets even higher returns on other markets for supplies that would otherwise go to the EU. So we are developing smart mechanisms so that the next level of sanctions includes oil.”

More weapons for Ukraine

Von de Leyen also called on the member states to supply Ukraine with weapons systems “quickly”. “This applies to all member states: those who can and must deliver quickly. Because only then can Ukraine hold its ground in its sharp defensive struggle against Russia,” he said.

Some European countries have been reluctant to export heavy weapons such as tanks or fighter jets, expressing concern that such a move could escalate the war in Ukraine into a direct conflict between Russia and NATO members.

However, von der Leyen urged European leaders not to delay decisions on differences in weapon categories. “I don’t differentiate between heavy and light weapons,” he said. “Ukraine must be given everything it needs to defend itself.”

In an interview with Bild, the President of the European Commission also said that European citizens need to mentally prepare for a long conflict in Ukraine. “We have to do everything we can to make this end as soon as possible. And at the same time, we have to be prepared for the fact that, in the worst case, the war could last months or even years,” he said.