The war has proven to be too costly an endeavor for Russia. Although the Russian authorities continue to pretend that everything is under their careful control and attempt to convince the domestic audience and the world at large that the pressure of sanctions has no significant impact on the Russian economy, the country was not prepared for a protracted war and the imposed sanctions, informs 24brussels.
The myth that sanctions have not shaken the Russian economy collapses along with the economy itself.
Presently, Russia is undisputedly the leader in terms of the number of sanctions imposed on it. It has already surpassed North Korea and Iran, which have been on sanction lists for decades.
The large-scale invasion of Ukraine by Russia has transformed the country from being a part of the global economy to the primary target of global sanctions and a financial pariah. More than 40 countries have now joined in the sanctions against Russia. Even states that are not part of the «sanctions coalition» often hesitate to violate the restrictions, fearing secondary sanctions or problems in their relations with civilized states.
A constant and comprehensive pressure on Russia to weaken the aggressor is in the interest of the civilized world. The response to Russia’s war crimes should be a tightening of sanction pressure from the international community. The previously imposed sanctions are effective, but they are not sufficient. The sanction regime is far from exhausted and requires constant updates and improvements.
Currently, the member states of the European Union are actively discussing a new, twelfth package of sanctions against Russia due to its full-scale invasion of Ukraine. One of the main topics under discussion is measures that will enhance the effectiveness of previous sanctions.
The ban on Russian diamonds and diamonds should become the «star» of the 12th package of sanctions against Russia. The new package of sanctions could be more painful for Russia, as diamonds are one of its major export commodities. Russia is the world’s largest producer of diamonds. The trade of precious stones is an important industry and a significant source of income for Russia. According to various estimates, the export of diamonds and diamonds brings the Kremlin about four and a half billion dollars annually. Therefore, the imposition of sanctions against Russian diamonds aims to deprive Russia of an important source of income for funding the war.
Other potential targets of the new restrictions could include Russian nuclear technologies, the mining industry, and the IT sector. The new measures will address a range of issues regarding the containment of Russian energy and technological sectors. Detailed proposals on this issue have been presented by Poland and the Baltic countries. Poland suggests banning new transactions with «Rosatom,» the purchase of Russian uranium, liquefied gas, and steel, as well as blocking the provision of IT services to Russian companies. Estonia, in general, is seeking a complete trade embargo against Russia. A presentation of ways to profit from frozen Russian assets, intended to support Ukraine, is also expected.
The twelfth package will likely also include further steps to close the loopholes that the aggressor country uses to circumvent sanctions. Additionally, the EU will expand the list of goods prohibited for import into Russia that could be used for military purposes. The new sanction package should limit Russia’s ability to import components for missiles and drones through third countries.
Anti-Russian sanctions are multifaceted and have far-reaching potential consequences. Further steps towards new sanctions must be taken decisively, comprehensively, and comprehensively to ensure maximum impact and prevent sanctions evasion. The main goal is to leave the aggressor without the means to continue the war. All of this will help bring Ukraine’s victory closer, especially with the active support of the international community, to expedite the end of the war and restore peace in Europe.