According to a report by Moody’s, the European Union has identified at least 46,000 companies with Russian origins or Russian participation. As of July 2024, tens of thousands of such companies have been identified, with the highest numbers found in the Czech Republic (12,480), Bulgaria (9,581), Germany (4,296), Latvia (3,338), and Italy (2,539).
Despite the sanctions imposed, Russia’s economic influence in the EU remains significant. Such companies may be used by the Kremlin to circumvent sanctions, gain access to technology, and finance aggressive actions against Ukraine and other countries. Therefore, it is necessary to strengthen the monitoring of these companies’ activities and impose additional sanctions that will complicate their operations in international markets.
It is also worth noting that American banks have begun actively blocking the accounts of Russians attempting to make payments from Russia, as reported by The Moscow Times. Financial isolation of Russia is gradually becoming a reality. These measures are creating significant difficulties for Russian businessmen and state organizations, limiting their ability to conduct international transactions and invest in foreign assets.
The international community must continue to intensify sanctions against Russia and further identify companies that may be used to circumvent restrictions. Continued economic and financial pressure will reduce the Kremlin’s ability to finance the war in Ukraine.
