Nobody is talking about new sanctions. We are just talking about how we can face a situation in which the gas supply from Russia can be appropriately decreased and we will be prepared for that. Certainly, it is not going to be an easy scenario but we should be prepared for that.
#eudebates the unique initiative aiming to promote debate, dialogue, knowledge, participation and communication among citizens. #PutinsWar #WAR #PUTIN #OilEmbargo #embargo #Russia #Ukraine #sanctions
EU's Josep Borrell Says Sanctions Against Russia Working; But 'it'll Take Time For Effect'. High Representative of EU Josep Borrell said sanctions imposed on Russia are hitting the Kremlin hard and their effects will be seen in the future.
With the European Union adopting six packages of sanctions against Moscow, the High Representative of the European Union for Foreign Affairs and Security Policy, Josep Borrell, has stated that the "EU is about to finalise the 'maintenance and alignment' package to clarify a number of provisions to strengthen legal certainty for operators and align the EU's sanctions with those of our allies and partners of the G7." He further said that sanctions imposed on Russia are hitting the Kremlin hard and their effects will be seen in the future, as per the statement mentioned on the official website of European Union External Action.
EU's Josep Borrell says Sanctions against Russia are working
"Our sanctions are hitting the Kremlin hard and their effects on the Russian economy will increase further. We need strategic patience until Ukraine is able to recover its sovereignty in full," said Josep Borrell. However, he said the EU needs to use sanctions in a well-targetted matter and, above all, they "require strategic patience because it may take a long time for them to have the desired effect."
One of the major sanctions adopted by the EU is to suspend 90% of EU oil purchases from Moscow by the end of this year, as this step will deprive Russia of revenues, Borrell said.
"Cutting our structural energy dependence on Russia matters a lot because this dependence has been an obstacle to developing a strong European policy towards Moscow’s aggressive actions," the EU High Representative added, saying that Putin always believed that the EU would never sanction Russia as it was too dependent on energy, but "this rapid detoxification from Russian energy involves significant costs for a number of countries and sectors that we will have to face." However, it is the price to pay to defend our democracies and international law, he said.
Speaking on the economic condition of Russia, Borrell stated that the sanctions imposed by the EU are hurting the Russian economy and the country has a massive imbalance between the high volume of oil and gas exports and the parallel collapse of imports. He underscored that this "trade surplus" is not a sign of good economic health, especially for an economy like Russia. "Russia will try to substitute imports through domestic products." "This was done, not without success, in the agricultural sector after the 2014 sanctions." However, for high-tech products, it is much more difficult to achieve, he added.
The European Union on Thursday imposed more sanctions on Russia over its conflict with Ukraine, including a ban on gold imports and the tightening of export controls on high-technology goods.
The “reinforced, prolonged EU sanctions against the Kremlin send a strong signal to Moscow: we will keep the pressure high for as long as it takes,” European Commission President Ursula von der Leyen tweeted.
EU High Representative for Foreign Affairs Josep Borrell described the additional sanctions as “another important step to curtail Russia’s capacity to continue and finance its war of aggression against Ukraine.”
“We are effectively banning Russia’s most significant export after energy – Russian gold,” Borrell said in a statement.
At the same time, the EU was extending the exemption of transactions for agricultural products and the transfer of oil to third countries, he said.
“The EU is doing its part to ensure we can overcome the looming global food crisis. It is up to Russia (now), to stop bombing Ukraine’s fields and silos, and stop blocking Black Sea ports,” Borrell said.
The package also extends the list of controlled items that may contribute to Russia’s military and technological advancement or the development of its defense and security sector, thereby reinforcing export controls on dual-use and advanced technology.
The European Council also decided to add more individuals and entities to the sanctions list and to strengthen reporting requirements.
“The EU firmly stands with Ukraine and will continue to provide strong support for Ukraine’s overall economic, military, social and financial resilience, including humanitarian aid,” according to a statement issued by the Council of the European Union.
