The European Commission’s president said on Wednesday that EU measures have impacted inflation levels in Russia, as well as the value of its currency.
“Our sanctions are taking a toll on the Russian economy,” von der Leyen said, quoted by Ukrainian news agency Ukrinform.
“The ruble is at its lowest levels since the start of the war, in spite of massive countermeasures by the Russian Central Bank. Inflation has reached 70% in some sectors of the Russian economy.
“We are sending a clear message to the Kremlin: the longer the war continues, the higher the price for the Russian economy.”
Addressing the European Parliament in Strasbourg, von der Leyen highlighted the dual significance of the war’s economic and military dimensions.
“Over one-third of Russia's budget today goes to military spending. It is a war economy. So it is essential to undermine Putin's revenue potential. Last week, we adopted our 15th package of sanctions,” the commission president said.
“It includes measures against Russia's shadow fleet and circumvention channels. And the 16th package is already in preparation.”
The president's speech came ahead of a key European Council meeting in Brussels on December 19-20. Among the key topics for discussion between EU leaders is the ongoing situation in Ukraine and developments in Syria.
Inflation surged in 2024
Following a period of relative stability in 2023, inflation in Russia surged once more in 2024, according to data from Russia's national statistics agency, Rosstat. Levels reached a peak of over 9% during the summer before easing to 8.5% in the autumn.
In late October, the Russian Central Bank increased its key interest rate from 19% to 21%—the highest level in over 20 years—in a bid to curb inflation, news network France24 reported.
Some analysts have argued that actual price increases significantly exceed the official statistics, according to France24’s reporting. Research conducted by the Russian market analysis firm Romir suggests that staple consumer items like butter, potatoes and cooking oil were projected to rise by over 22% in 2024 alone.