The EU's chief diplomat, Josep Borrell, believes that the sanctions imposed by the European Union against Russia for the war it unleashed are effective, and is convinced that their effect will become more noticeable over time. He said this in an interview with PAP.

 When asked whether he considers the EU sanctions to be effective, the diplomat answered in the affirmative.

 "Sanctions, combined with military support, international pressure and diplomatic efforts, are bearing fruit. And the more time passes, the more painful they will become for the leadership in the Kremlin and the Russian economy," Borrell said.

 He noted that the main goal of sanctions restrictions is to make it difficult for Putin to finance the Russian military machine.

 "Sanctions are not a panacea, they will not stop the war by themselves. This is only one of the tools we used, but it is already clear that they are working and have serious consequences for Russia: the Russian economy has suffered significantly and is losing its ability to modernize." added the diplomat.

 He noted that, according to OECD forecasts, the economy of the Russian Federation will shrink by 5.6% in 2023, the largest among the countries of the Group of Twenty; that more than 1,000 international companies, which accounted for about 40% of Russia's GDP and supported 5 million jobs, left Russia by decision, and the EU has already reduced imports of Russian oil by 90% and reduced dependence on Russian gas to a record.