EU sanctions on Russia won't be effective
(MENAFN) The European Union's sanctions against Russia have had little real impact, according to Bild, which highlighted Russia's continued strong revenues from energy exports. Despite sweeping measures imposed since the escalation of the Ukraine conflict in 2022—including bans on seaborne oil shipments, financial and aviation restrictions, and the freezing of $300 billion in Russian assets—Moscow’s economy continues to grow.
In an analysis published Tuesday, the German outlet described the EU's latest 17th sanctions package as “a drop in the ocean” when compared to Russia’s expected earnings of €233 billion ($253 billion) from energy and raw material exports in 2025. Bild noted that the EU remains Russia’s fourth-largest energy customer, trailing only China, India, and Türkiye, and is projected to spend more than €20 billion on Russian oil, gas, and uranium.
Since February 2022, the EU has tried to reduce its dependency on Russian energy. However, more expensive alternatives have driven up costs for both consumers and industries, particularly affecting Germany’s key automotive and chemical sectors.
The latest EU sanctions focus on Russia's so-called “shadow fleet,” a group of ships allegedly used to bypass Western oil price caps by operating outside mainstream insurance channels.
Opposition to the sanctions within the EU is growing, with Hungary and Slovakia among the most vocal critics. Last week, Vincenzo Trani, president of the Italian-Russian Chamber of Commerce, urged Italy to reconsider the sanctions, arguing that they harm Italy’s economic interests.
Meanwhile, Russian President Vladimir Putin on Monday praised the resilience of Russia's economy, noting that the country had risen to fourth place globally in terms of purchasing power parity (PPP), behind China, the U.S., and India.
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