Sergei Glazyev. An archive photo
MINSK, 20 July (BelTA) – The European Union has already paid a high price for its sanctions against Russia and Belarus, State Secretary of the Belarus-Russia Union State Sergei Glazyev told the Belarus 1 TV channel, BelTA reports.
Commenting on the increasing militarization in the European Union, Sergei Glazyev said: “People are drawn away from their work to produce items that have no consumer value but create threats and tension. This tension negatively affects the economic landscape. After all, Europe has already paid a very high price for anti-Russian sanctions. In reality, the sanctions against Russia and Belarus have hit Europe much harder than they have hit us.”
Sergei Glazyev remarked that in the Union State, sanctions have led to increased domestic production through import substitution, expanded international cooperation, and the formation of new joint ventures. After all, Belarus has retained solid capacities and competencies in microelectronics, instrument making, and mechanical engineering in general. All this came in handy for the Union State.
“In Europe, the sanctions have led to a decline in industrial activity and a significant increase in energy prices. In fact, European manufacturing sector has lost its competitive edge in many ways. As a result of these sanctions against Belarus and Russia, Europe ended up in a serious crisis. Attempts to get out of this crisis through militarization have no chances to succeed. Because, unlike the economy of the past century, today’s economy is based on human potential,” the state secretary emphasized.
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