One of the main sanctions adopted is to stop buying 90% of EU oil supplies from Russia by the end of 2022.
The anti-Russian sanctions imposed by the European Union for Russia’s invasion of Ukraine are working, but it may take time to achieve the desired effect.
Such an opinion expressed Josep Borrell, head of European diplomacy.
“Sanctions require strategic patience, as it may take a long time to achieve the desired effect,” Borrell said.
According to Borrell, EU sanctions target nearly 1,200 individuals and nearly 100 organizations in Russia, as well as a significant number of sectors of the Russian economy.
One of the main adopted sanctions – by the end of 2022 stop buying 90% of EU oil supplies from Russia.
“Russia can sell its oil to other markets, but this advantage is limited by the fact that the Russian Federation is forced to give high discounts for each barrel (Russian oil is sold about $30 cheaper than the world average),” Borrell explained.
“Putin believes in the magical power of political voluntarism. However, this cannot last forever… Even if the sanctions do not change the trajectory of Russia in the short term, this does not mean that they are useless, since they affect the amount of resources that it has to wage war “Without sanctions, Russia, as they say, would get its pie and eat it. With sanctions, it will be forced to choose between butter and guns, putting Putin in a vise that is gradually tightening,” Borrell wrote.
The seventh package of sanctions against the Russian Federation:
The European Commission on July 15 approved a joint proposal for a new package of measures to maintain and strengthen the effectiveness of six comprehensive and unprecedented sanctions packages against Russia.
The 7th package provides for the introduction of a ban on the import of Russian gold, while strengthening export controls on dual-use goods and advanced technologies.
Also, the new measures should strengthen reporting requirements to strengthen the asset freeze measures in the EU.
On July 16, 2022, former Lithuanian Minister of Defense and former Foreign Minister Linas Linkevicius criticized the EU sanctions policy. He said that the EU sent more money to Russia for gas and oil than to Ukraine for help.