Brussels – Valdis Dombrovskis, the European Union's Commissioner for the Economy, has reaffirmed the effectiveness of EU sanctions on Russia, citing observable declines in several Russian industrial sectors.

Speaking at the World Economic Forum in Davos, Dombrovskis noted a significant indicator of economic strain: the interest rate in Russia standing at 21 percent.

The difficulty in analyzing Russia's economic status is compounded by the country's decision to cease the publication of certain statistics.

Dombrovskis suggests that this move may be a strategy to obscure the economic challenges faced by Russia and the impacts of the EU's sanctions.

Despite the observed effects, Dombrovskis expressed a sentiment of cautious reflection, acknowledging that there is always the potential to enhance the efficacy of such measures.

He noted the inherent challenge in achieving the unanimity required among EU member states to implement sanctions.

His remarks underscore the ongoing economic and political complexities as the EU continues to navigate the implications of its sanctions policy on Russia.