Sanctions are already hurting the Russians, Borrell said at a conference in Prague
According to Vice President of the European Commission Borrell, the foreign ministers of EU countries led the debate on sanctions at a meeting in Prague last week.
“People say that Russia has a constant income of funds from the sale of gas and oil. This is of course true because the price is rising, but our influence on Russian industry and its influence is very fundamental and will deepen,” he said.
It takes a certain amount of time for the penalty to fully take effect.
According to Borrella, Russia also produces little oil and gas. “This means that the impact of Western technology and companies withdrawing from the Russian market is great,” he noted.
The Hague wants an exemption from EU sanctions, it has no other supplier than Gazprom
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EU states have already adopted six direct sanctions packages, the last set of sanctions was approved in July – but European Commission representatives do not refer to this as the seventh package of sanctions, but rather as a refinement of the sanctions adopted until then.
This set refers to the ban on the import of Russian gold and the restriction of the export of products that can be used for military purposes. Sanctions against the largest Russian bank, Sberbank, were also expanded. Five dozen Russian citizens and several firefighters were also on the sanction list.
With the ongoing war in Ukraine, it is also a test of the capabilities of the EU countries, he believes. It is the responsibility of the EU and the states to solve the problem of Russia’s high prices and break energy dependence on.
The energy crisis has a big impact on citizens, Borrell said. Russia is using gas and oil prices as part of hybrid warfare, he added.
Last week, ministers also discussed the impact of Russian aggression against Ukraine on the African continent. Some countries there are facing food shortages, and Russian narratives suggest that Western sanctions are to blame for the crisis, Borrell said.
Part of governments, media and companies are listening to this narrative. “We have to be very careful not to get our relations with African countries to a point where it cannot be sustained,” I must add.