Skip to content
Edit post

European Parliament: Sanctions against Russia not tough enough, enforcement must be strengthened

by Nate Ostiller and The Kyiv Independent news desk November 9, 2023 3:33 PM 2 min read
A view from Russian oil company Tatneft in Tatarstan, Russia, on June 4, 2023. (Alexander Manzyuk/Anadolu Agency via Getty Images)
This audio is created with AI assistance

The existing sanctions against Russia simultaneously do not go far enough and are under-enforced, the European Parliament wrote in a statement about a resolution adopted on Nov. 9.

Although the EU has passed 11 sanctions packages against Russia, Russia's economy has not been impacted as much as was anticipated and hoped, the resolution said. As a result, Russia has maintained the ability to fund its war in Ukraine.

The lack of full effectiveness of the sanctions is in part because they do not reach far enough in targeting key sectors of Russia's economy, namely energy, but also because not all member states have fully complied with them. In addition, Russia has also exploited loopholes, particularly by using third-party countries.

The measures already passed constituted an "unprecedented" level of restrictive measures towards Russia, but they have not fully achieved their goals.

Russia's economy shrank by only 2.1% in 2o22, the resolution said, adding that the International Monetary Fund (IMF) predicted a 2.2% growth in the Russian economy in 2023.

The resolution contained several recommendations for future sanctions packages, as well as strengthening the effectiveness of the 11 already passed.

There should be more EU-level oversight on sanctions enforcement, the resolution said, which would help limit Russia's effort to bypass sanctions.

In addition, the "EU market must be closed for Russian fossil fuels," and "a full ban on the marketing and cutting of diamonds of Russian origin or re-exported by Russia to the EU."

The resolution noted that as of August 2023, the EU is still sending Russia 2 billion euros per month for fossil fuels.

Legal means should also be explored to allow the usage of frozen Russian assets for the reconstruction of Ukraine, the resolution concluded.

It was reported on Oct. 27 that the EU confirmed it was working on a 12th sanctions package.

The package may include restrictions on Russian diamond exports, as well as further cracking down on Russia's ability to circumvent sanctions, mainly on its ability to obtain dual-use goods from third-party countries.

The EU imposed its previous 11th sanctions package in June, aimed at countering sanctions circumvention, mainly in dual-use products and in the Russian trade of oil.

That diamond ring? It may have helped pay for Russia’s war
Editor’s note: This story uses sources who are speaking on condition of anonymity since revealing their identities would heavily damage their careers and expose them to legal and personal risks in the diamond industry. Their identities are known to the Kyiv Independent. Top findings: * Despite th…
Support independent journalism in Ukraine. Join us in this fight.
Freedom can be costly. Both Ukraine and its journalists are paying a high price for their independence. Support independent journalism in its darkest hour. Support us for as little as $1, and it only takes a minute.
visa masterCard americanExpress

News Feed

3:38 AM

Bloomberg: Biden to meet with House speaker.

U.S. President Joe Biden will meet with Congressional leadership, including House Speaker Mike Johnson, at the White House on Feb. 27 to discuss a funding bill for Ukraine’s security needs, Bloomberg reported on Feb. 25.
Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
7:21 PM

Budanov: Russia's goals for 2024 same as previous two years.

Ukraine's military intelligence chief Kyrylo Budanov said that Russia’s goal is still to destroy Ukrainian statehood and reach the administrative border of Luhansk and Donetsk oblasts to “keep what they already have," but that they "have been unable to do (so) by military means."
6:23 PM

Budanov: Transnistria not planning to appeal to join Russia.

Concerns arose after the Institute for the Study of War issued a warning on Feb. 22 that Transnistria was possibly planning to organize a referendum on its annexation to Russia at an announced Transnistrian Congress of Deputies planned for Feb. 28.
10:52 AM

Trump wins South Carolina primary.

Former U.S. President Donald Trump won South Carolina's primary, where Republicans voted for their preferred presidential candidate, results showed on Feb. 25.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.