Amundi, Europe’s largest asset management firm, said the sanctions against Russia have not worked, and that instead Russia will grow three times more than the EU.
Amundi CEO Vincent Mortier said the reality is that the U.S.-led sanctions had backfired and “Europe has suffered directly and strongly” from the war in Ukraine, according to Reuters.
He also said that it showed the Western sanctions were ineffective. “It means that the United States, Europe, Japan, Australia—the major developed countries—are unable to sanction a country effectively.... We can deplore it, but it’s a reality.”