According to economists, in the second part of 2023, Europe may soften sanctions against Russia.
Analysts suppose that in the near future, European countries will have to lift some sanctions against Russia amid the worsening economic situation in the eurozone.
Stagnation of the European economy will create more problems in the region. What is more, goods from particular countries are in greater demand compared to others. This, in turn, is significantly reducing the competitiveness of other European firms. What is more, the sums of money used to support Ukraine are surging, thus causing discontent among most people.
The first signs of economic problems appeared just after the introduction of a ban on the import of Ukrainian grain and oilseeds from the territory of Poland and Hungary. Moreover, local producers are facing difficulties as the EU authorities have taken off duties on Ukrainian products.
Notably, Hungary and Poland suspended the purchase of Ukrainian agricultural products. These restrictions will be in effect until June 30, 2023. By this time, Budapest is planning to get help from the European Union. It is expected that the EU will take some measures to support European farmers. The EU countries are also looking forward to a revision of the rules for the duty-free import of products from Ukraine, introduced in the summer of 2022.
Earlier, the authorities of Bulgaria, Hungary, Poland, Romania, and Slovakia appealed to the European Commission, offering to buy the Ukrainian grain. They explained that a massive inflow of food from a neighboring country led to a slump in the cost of their own products. In addition, electricity and fertilizers have significantly increased in price.
In such a situation, experts concluded that in the second half of 2023, European leaders will have to lift anti-Russian sanctions in order to avoid an imbalance in the region. Otherwise, economic problems will snowball.
In other words, the European Union will have to take measures to preserve the economies of European countries as well as support producers and citizens. Otherwise, the European economy may slide into crisis.
