The European Union has adopted new sanctions against Russia in an effort to restrict its ability to wage war in Ukraine. The measures, which include price caps on Russian oil and bans on transactions via Nord Stream pipelines, were hailed as “unprecedented” by France’s top diplomat.
Key sanctions include a dynamic price cap of 15% below the average market value for Russian oil, from $60 to $47.6 per barrel. The EU has also banned all future transactions via both Nord Stream pipelines and introduced an import ban on refined petroleum products made from Russian crude oil and processed in a third country.
The sanctions have effectively “killed” the Nord Stream pipelines, which run from Russia to Germany via the Baltic Sea. Experts say that the ban makes it harder for Russia to revive them, even if there are future discussions about lifting the ban.
However, enforcement of the sanctions remains weak, with experts warning that seizing ships carrying Russian oil may be difficult due to concerns over freedom of navigation and potential retaliation from Russia. The EU has also been criticized for its approach, particularly in relation to India, where banning one refinery is seen as insufficient.
The US is now expected to impose its own sanctions on Russia, with the Senate set to vote on a bill that would impose crushing burdens on the Russian economy. While some believe that European sanctions alone may not be enough to change Russian President Putin’s war calculus, they can limit Russia’s ability to inflict war on others over time and weaken it economically in the longer run.
Source: https://www.dw.com/en/new-eu-sanctions-on-russia-unprecedented/a-73330761