FT News Briefing Russia’s ‘second front’
Feb 21, 2023
Consumer confidence in the eurozone is on the rise, signaling a shift in economic sentiment. Moscow is actively expanding its influence in Africa through strategic maneuvers and propaganda. The implications of the Ukraine war are reshaping European foreign policy, as skepticism grows about Russia's reliability. The Wagner Group's operations highlight the complex dynamics in Africa and Ukraine, with discussions on the economic fallout of Russian involvement and the contrasting impact of Chinese presence.
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Shift in EU Foreign Policy
- Russia's invasion of Ukraine shattered the illusion that the EU could work with Putin.
- This led to a significant shift in the EU's foreign policy, scaling down diplomatic ties.
Effectiveness of EU Sanctions
- While EU sanctions are impacting Russia on a micro level, the overall macroeconomic effect has been less severe than some hoped.
- Russia's economy is still expected to grow this year, highlighting the long-term nature of sanctions.
Future EU-Russia Relations
- Despite the current conflict, Europe must eventually address its long-term security relationship with Russia.
- Russia's geographical proximity and nuclear capabilities make this a crucial consideration for future stability.