The main impact of EU sanctions against Russia can be expected in the
course of 2015, but a tangible change in Moscow’s attitude will take much
longer, the Czech Foreign Ministry has said in a report which was discussed
by the Czech cabinet on Monday. According to the report, the first symptoms
of the sanctions include the fall of the rouble, limited access to
financial markets and an outflow of foreign capital from Russia. Along with
a decline in oil prices, such factors had caused a synergistic effect that
had significantly impacted the Russian economy, the report maintains. After
the meeting, Tomáš Prouza, the state secretary for European Affairs, made
clear unless Moscow did not rapidly change course on Ukraine, the existing
sanctions against Russia would not be softened. Some, such as Czech
President Miloš Zeman, have questioned the usefulness of the measures; but
Mr Prouza and others have maintained that they are having a very clear and
tangible effect.