Amidst the ongoing war in Ukraine, the European Union has taken a very bold move against Russia. The EU has imposed extremely strong sanctions against Russia, which have significantly intensified the political as well as economic pressure on Moscow. These sanctions are meant to diminish the Russian military capabilities, stifle trade, and target the other countries and third parties that are supporting the war and Russia’s aggression in Ukraine.
In the past few years, Moscow’s ongoing violence in Ukraine has been extremely disheartening and appears unending. In response to that, the European Union has rolled out a new sanctions package against Russia, marking a momentous escalation. The dramatic measures target the major areas of the Russian economy and fill up the ambiguities in the existing restrictions that will decimate key sectors of the Russian economy.
The Major Actions in the EU’s Sanctions Package
The recent sanctions package that was approved by the states of the European Union includes:
Stringent Trade Bans: The EU has implemented new restrictions on dual-use goods and advanced technology products that can aid Russia’s military capabilities. Banning these goods will help diminish Russian military capabilities.
Targeted Financial Sanctions: The European Union has extended sanctions on Russian banks and other financial institutions, cutting off more avenues for funding with the aim that it will negatively influence Russia’s financial competencies.
Individual Sanctions: The EU has applied travel bans and asset freezes on high-profile officials and people of Russia, and also on third parties and entities that are associated with the war effort or funding the war.
Energy Sector Congestion: The European Union has implemented tougher restrictions on Russian energy imports that include LNG, or liquefied natural gas. This move should diminish major revenue streams of Moscow.
Now the most common question in everybody’s head is, why now? Why has the EU passed these daring sanctions now?
The striking move by the EU comes as Western allies increase their efforts to degrade Russia’s war competencies amid stalled battlefield progress but intensifying attacks on civilians in Ukraine. The EU officials stated that these sanctions are designed and implemented to maximize the pressure while minimizing the collateral damage to global markets, as Russia’s aggression seems unending.
Russia’s Response to the EU’s Bold Move
Kremlin spokesperson Dmitry Peskov terminated the European Union’s sanctions package, calling it a ‘detrimental and illegitimate move’, declaring retaliation. However, the analysts say that Russia has limited options now as its economy significantly relies on non-Western countries such as India and China.
What to Expect Next?
The European Union has warned Russia that further measures can be even stronger if Moscow’s aggression continues and civilians are targeted. Ukraine appreciated the EU’s move and called it ‘a critical step’ towards diminishing Russia’s war capabilities. As tensions escalate, the global community closely monitors the situation to see if these sanctions will bring a decisive setback or push Moscow towards even perilous military exercises.
Reference Source URL: https://www.wsj.com/world/europe/eu-targets-russia-with-toughest-sanctions-package-in-years-59e49926
