Russia Says Sanctions Failed to Trigger Economic Collapse, Ambassador Khorev Says

Ambassador of Russia to Pakistan Albert P. Khorev briefed journalists and guests on the situation in and around Ukraine, covering the military, political, economic, legal and informational aspects of the conflict.

The briefing began with a minute of silence in memory of the victims of the Siege of Leningrad, the 85th anniversary of which was observed on September 8.

Speaking about Russia’s parliamentary elections held on September 20, Ambassador Khorev said voter turnout reached a record level despite external pressure and Ukrainian drone attacks on Russian cities, which he said were aimed at disrupting the electoral process.

On the Ukraine conflict, Khorev said Russia views the crisis as a broader confrontation between Russia and Western countries, with Ukraine being used as a proxy in efforts to weaken Russia.

Discussing the economic impact of sanctions, the ambassador said the measures had not produced the economic collapse in Russia that Western countries sought. He also said sanctions had created serious consequences for the countries imposing them and for the wider global economy.

According to Khorev, the cumulative losses suffered by the European Union from the unintended effects of sanctions between 2022 and 2025 reached €1 trillion to €1.6 trillion, while European companies that stopped operating in Russia incurred losses of around €400 billion to €450 billion.

He said continued sanctions pressure was accelerating the use of national currencies in international settlements and encouraging the development of alternative financial and trade infrastructure through groups including BRICS, the Shanghai Cooperation Organisation and ASEAN.

The briefing also covered maritime law and freedom of navigation. Khorev criticised Western measures targeting what is described as Russia’s “shadow fleet”, saying Moscow considers such actions unlawful and views the term as a Western-created basis for seizing Russian vessels.

The ambassador also expressed concern over what he described as an increase in Ukrainian attacks on civilian vessels in the Black and Azov Seas, warning that further escalation could create risks for international shipping.

Khorev also discussed global food security, pointing to the respective shares of Russia and Ukraine in global wheat exports. He said Ukraine accounts for around 7% of global wheat exports, compared with 23% for Russia, and argued that restrictions affecting Russian agricultural exports have consequences for global food supplies.

On the legal aspects of the conflict, Khorev said Russia does not recognise Western-created mechanisms concerning compensation for Ukraine and would not comply with decisions issued by such bodies.

He also referred to a June 15, 2026 ruling by the Permanent Court of Arbitration in The Hague in a Russia-Ukraine dispute, saying the ruling unanimously rejected a number of Ukraine’s claims, including demands related to compensation and reparations as well as maritime areas and resources associated with Crimea and the Sea of Azov.

The ambassador also discussed the situation involving Ukrainian children and the Ukrainian Orthodox Church, alleging systematic pressure by Ukrainian authorities against the Church and its members.

Khorev said Russia remains committed to a political and diplomatic settlement of the Ukraine crisis. He said Russia had initiated the resumption of negotiations last year after the process was halted by Kyiv and remains ready to continue talks while taking Russian national interests into account.

He further said Russia was not preparing for military action against Europe or NATO countries and had no plans or reason to escalate tensions with European states.

Guests attending the briefing also viewed an exhibition titled “Crimean Gold: ‘Civilized’ Europe Plunders Russian Treasures.” Khorev said the archaeological collection, consisting of artifacts more than 2,000 years old that were discovered in Crimea and held in Crimean museums until 2014, should be returned to the peninsula.