The United States expressed disappointment with the impact of sanctions against Russia

Countries that have imposed sanctions on RUSSIA are facing growing economic problems, while these restrictions have little effect on Moscow's actions, writes The New York Times.

Despite ongoing efforts, oil prices are breaking records, and after falling in February, the ruble hit a seven-year high against the DOLLAR in June. Also, amid the US oil embargo and reduced EU imports of Russian oil, energy prices have soared in the United States and Europe, with gasoline averaging well over $5 a gallon in some states, the authors of the article note.

Worst of all, the sanctions and associated embargoes are allowing America's main strategic competitor, CHINA, to buy huge amounts of oil at cut prices as Russia seeks willing customers to make up for lost revenues.

The newspaper quotes Gerard Dipippo, a senior fellow at the Center for Strategic and International Studies, a former senior US intelligence official for economic affairs, who felt that new sanctions would not be enough to end the conflict acceptable. “Overall, I think we have reached the political limits of the sanctions,” he said.

Hungary called on the EU not to impose more sanctions against Russia Politics

The article also says Elina Rybakova, deputy chief economist at the Institute of International Finance, tweeted that Russia's financial system has returned to normal after weeks of severe banking disruptions. Those who thought that cutting Russia off financial systems for a few weeks early in the fighting would have stopped the fighting, she said, “turned out to be naïve.”

The authors of the article stressed that the US-imposed sanctions on Iran, Syria, North Korea, Venezuela and Cuba have largely failed to change the behavior of these governments - ordinary citizens bear the brunt of the sanctions, while regime supporters find ways to profit.

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Earlier, US Secretary of State Anthony Blinken said that Western sanctions have already had a “dramatic” effect on the Russian economy and financial system, and Russians will feel their impact on everyday life. He argued that the sanctions have deprived Russia of access to a wide range of goods and technologies, made the ruble unstable and will lead to a 10-15% drop in its economy in 2022. Blinken warned that the US and partners would continue to tighten sanctions until hostilities cease in Ukraine.

Since the end of February, the United States, the European Union, Great Britain and a number of other countries have introduced several packages of sanctions against Russia. The restrictions affected the political elite, businessmen, coal and oil supplies, industry, the banking sector and other sectors of the economy.

The Russian authorities have repeatedly declared the illegitimacy of unilateral restrictive measures, and also indicated that they have a serious negative impact on the economies of those countries that impose restrictions. Thus, President Vladimir Putin estimated the possible losses of the EU from sanctions against Russia at $400 billion.