HELSINKI, March 13. /TASS/. The sanctions imposed by Western countries against Russia due to the special military operation in Ukraine turned out to be ineffective, Timo Ritakallio, President and Group Executive Chairman at OP Financial Group, said.

"I think European economists and politicians were wrong about sanctions. Sanctions will not bring Russia to its knees. Only a quarter of the world's countries condemn Russia's actions in Ukraine. So, this is a good illustration of the world we live in. For example, there is a demand for Russian oil," he said as quoted by the Helsingin Sanomat newspaper.

The newspaper notes that since Russia began its special military operation in February 2022 and Western sanctions ensued, consumer prices and interest rates have risen in Finland. The European Interbank Offered Rate (Euribor), widely used in Finland, rose to around 4.3% by the end of September 2023.

Ritakallio urged Finns to prepare for interest rates to remain at 3%. "I think it's very unlikely that rates will go below 2%," the banker said.