The European Union (EU) has already announced five rounds of sanctions against Russia, including an import ban on Russian coal.
But according to Hungarian political scientist Csaba Moldicz, the sanctions will most likely not reach the desired effect of ending the current conflict in Ukraine.
Following the west's imposition of sanctions on Russia, Moscow has started to explore new markets for its exports and ways to ensure its economic stability. India has reportedly bought at least 13 million barrels of crude oil from Russia since Feb. 24, compared with nearly 16 million barrels in the entire year of 2021. In early March, the value of the ruble, the Russian Federation's currency, reached a low point, but since then it has staged a dramatic recovery to near pre-conflict levels.
The concerns raised by Moldicz appear to be justified. In March 2022, the Food Price Index of the United Nations' (UN) Food and Agriculture Organization (FAO) hit its highest level since 1990. On April 14, the UN released 100 million U.S. dollars for hunger hot spots in six African countries and in Yemen to mitigate the spillover effects of the Ukraine conflict.
Produced by Xinhua Global Service
