Brussels stated why Russian sanctions have been fierce, even shooting themselves in the foot by limiting energy imports. It comes as the US pressured EU leaders to accept sanctions that have led to an energy crunch and failing economies.
Sanctions Left Western Nations Gasping for Oil, Gas
Josep Borrell has admitted that all these economic penalties have been successive, which is to hobble Russia economically, not to reach a ceasefire, reported RT.
Borrell, the bloc's foreign policy commissioner, said last Monday that another major move that includes Russian gold as part of this ban would be later in the week.
Lately, Zelensky has constantly been harping about everything the EU does, making bloc members want to ditch him. But Brussels policy undefined defended the Ukrainian leader despite misgivings.
He added that Russian President Vladimir Putin is banking on fatigue and sanctions, encouraging unrelenting pressure on Russia.
It is for the good of Europe, and he reasoned out these Russian sanctions have impacted countries imposing them, noted The Press United.
In a blog post over the weekend, Borrell ignored the argument he had made, partly because of comments made by the prime minister of Hungary, Viktor Orban, who said that the embargo policy "flubbed" and damaged the EU countries more than Moscow.
The Spanish official also claimed that embargoes were not to blame for the agony at the pump, arguing that oil prices were the same now as they were in February.
He stated that the EU plans to impose an embargo on Russian gold later this week. It's part of a mini-package of sanctions aimed at improving the implementation of existing sanctions.
The ban will affect the transactions of Russian gold, which is a significant Russian export; it was leaked to an outlet, citing Hi India.
EU officials have allowed a €9 billion emergency loan, but the Wall Street Journal said it had not been released. But, a new weapons package at €5.7 billion until 2027.
Good Outlook for Russia's economy
The Russian economy is important to strengthen by the end of the year, according to Maksim Oreshkin, Russian President Vladimir Putin's economic adviser, during one speech at a youth forum on Saturday, per Good Word News.
Despite the economic bans, Putin's aide says it won't stop the economy from improving till the year's end. The presidential adviser stated that retail sales are rising, with a rise compared to last year, enhancing corporate revenue.
Oreshkin also stated that Russia's main objective is to develop a sovereign economy that is confident in its ability, works with any partner but is not dependent on them, and is invulnerable. His words match those of Denis Manturov, Russia's Minister of Industry and Trade.
He previously stated that Russia must strive for technical sovereignty and concentrate the industry on addressing domestic needs while increasing export potential.
Despite Western sanctions relating to Ukraine, Russian President Vladimir Putin stated in early June that Russia would not shut down its economy. Brussels thinks Russian sanctions are worth it, even as it cripples the bloc with an energy crunch and inflation.
