17 July 2022, Sunday, 14:25 429

Sanctions Against RF Are Working, But It Will Take Long Time For Desired Effect - Borrell

Editor: Daria Zubkova

Читати українською

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Sanctions against Russia imposed by the European Union for its invasion of Ukraine are working, but it may take time to achieve the desired effect. The High Representative of the EU for Foreign Affairs and Security Policy, Josep Borrell, wrote about this in his blog.

"Now that the war (in Ukraine) is dragging on and energy costs are rising, in Europe and other countries they are asking whether these sanctions are working and/or the side effects are too great. Without underestimating the various problems that could arise, including attempts to circumvent them, sanctions remain an important tool of political actions," said the EU's top diplomat.

"But, of course, we need to use them purposefully, and above all, they require strategic patience, because it can take a long time to get the desired effect," he emphasized.

Borrell reminded that one of the most important restrictive measures against Russia - oil sanctions - come into force until the end of 2022. And although Moscow can find new sales markets, it is forced to sell oil there at a discount of about USD 30.

"Of course, this rapid detoxification of Russian energy involves significant costs for a number of countries and sectors that we will have to face. However, this is the price we have to pay for the protection of our democracy and international law," he wrote in a blog.

Borrell noted that the sanctions are already beginning to have an effect.

"Since we do not want to go to war with Russia, economic sanctions and support for Ukraine are the basis of this response. And our sanctions are starting to have an effect, and it will be even greater in the coming months," Borrell concluded.

As Ukrainian News Agency earlier reported, the European Union has frozen the assets of individuals and legal entities of the Russian Federation for almost EUR 14 billion.

In addition, Lithuania criticized the 7th package of sanctions against Russia.