Watch: Sanctions Hurting European Workers More Than Russia, Malta’s Finance Minister Warns
Malta’s Finance Minister Clyde Caruana issued a stinging rebuke of the West’s regime of sanctions against Russia, warning the sanctions are hurting European workers more than Russian nationals.
In a powerful speech in Parliament, Caruana questioned the efficacy of sanctions, noting that Russia is currently selling its oil at a discounted price to non-Western nations while European countries are facing inflation levels that haven’t been seen since the 1970s.
“The goal of sanctions is to hurt another country, but are these sanctions only hurting that country or the workers of the country which is imposing the sanctions to begin with?” he questioned.
“If you look at the numbers, it seems that people from countries imposing those sanctions are hurting more than those who are meant to be suffering the brunt.”
With all indications showing that the Ukraine war will drag on without either side willing to give up any ground, Caruana forecast a significant knock on the European working and middle class.
This, he made clear, could lead to major political shifts, noting that even the Arab Spring had been triggered by food shortages and citing French President Emanuel Macron’s disastrous performance at last weekend’s legislative election as a potential precursor of things to come.
“We’re scared that the extreme left and the extreme right take root but what do you expect? Workers must make their voices heard somehow and their message in France was abundantly clear.”
“History will mark this period as another period that led to a change in the way Europeans live in their continent.”
Caruana said that while he doesn’t want to come off as a harbinger of doom, he wants people to know he understands the intricacies of the situation and is prioritising the interests of the people of Malta.
Ukrainian President Volodymyr Zelenskyy addressing the Maltese Parliament
“I won’t delve into why things developed the way they did or who should have done what,” he said. “I am here as a Maltese person and as a Finance Minister whose loyalty is to my country and its citizens.”
“My words must be taken in the context of someone who observes what is happening elsewhere and asks how things affect us.”
“Large countries all make their own decisions, some good ones and some wrong ones, but we are a small island and those decisions impact us too.”
Cover photo: Left: Finance Minister Clyde Caruana, Centre: Russian President Vladimir Putin, Right: European Parliament President Roberta Metsola
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