Russian officials are concerned that the Western sanctions are undermining Russia's economic influence over countries in its close neighborhood and the Global South, the Financial Times reported on Feb. 10, citing a leaked government report.
Moscow is reportedly attempting to restore its position and access to global trade by placing itself at the center of a Eurasian trade bloc that would rival the economic influence of the U.S., EU, and China.
The news underscores the impact of Western sanctions on Russia and its mounting economic challenges connected to the nearly three years of the full-scale war against Ukraine.
The planned initiative aims to connect Russia with the Global South through shared access to raw materials, financial and transportation links, and a unified economic policy, including a separate sanctions framework, according to the news outlet.
Russia reportedly sees the project as a long-term strategy that will continue regardless of the outcome of negotiations on the war in Ukraine.
Kateryna Denisova
The report acknowledges significant obstacles. Western pressure has hindered Moscow's efforts to integrate nations in its neighborhood, as Central Asian countries have sought to align with global markets that bypass Russia.
The report also notes that Western governments have used a combination of threats and incentives to ensure compliance with sanctions.
Russia's allies have exploited the situation by pushing Russian businesses out of their jurisdictions, taking control of trade flows, and demanding additional commissions to offset the risks of sanctions violations.
Belarus is cited as a success story for Moscow, while Kazakhstan has distanced itself by refusing to recognize Russia's territorial claims in Ukraine and demonstrating compliance with Western sanctions. Kyrgyzstan, by contrast, has become a key route for sanctions evasion.
Since Russia's full-scale invasion of Ukraine, the EU has adopted 15 sanctions packages targeting Moscow's economy, while the U.S., U.K., and Switzerland have imposed similar measures to curb Russia's ability to sustain its war effort.
Martin Fornusek
(Updated: )
