Information
The European Union has approved its 18th round of sanctions against Russia in response to its ongoing invasion of Ukraine, overcoming resistance from Slovakia. Slovakian Prime Minister Robert Fico, initially concerned about the impact on his country’s gas imports, ultimately supported the package, recognising that continued opposition would harm Slovakia’s broader interests as an EU member. EU Foreign Policy Chief Kaja Kallas emphasised that the sanctions, among the EU’s strongest to date, are intended to weaken Russia’s war capabilities and reaffirm Europe’s commitment to Ukraine. German Chancellor Friedrich Merz and Ukrainian President Volodymyr Zelenskyy also welcomed the move, with Zelenskyy highlighting the need for a firm response as Russian attacks on Ukrainian cities escalate.
The new sanctions specifically target Russia’s financial, energy, and military sectors. Measures include reducing the price cap on Russian oil exports to third countries to 15% below market value and banning EU-affiliated shipping and insurance companies from facilitating transactions above the cap. This initiative, although initially a G7 effort, now excludes the U.S., potentially limiting its effectiveness. Since Russia’s full-scale invasion began in February 2022, the EU has sanctioned over 2,400 individuals and entities. However, internal divisions within the EU are making new sanctions increasingly difficult to pass, as their economic repercussions begin to affect member states. In addition to financial restrictions, the EU has expanded its list of sanctioned Russian tankers, adding 100 more ships to those already targeted in May.
Source: Reuters, dpa, AP
So What
While imposing more sanctions is a positive step towards limiting the financial resources of certain countries, these measures will be ineffective in bringing them to the negotiating table as long as the EU and other major states continue to purchase Russian oil. However, the enforcement actions against Russian oil tankers are likely a positive step.
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