A report from the Kyiv Independent discusses a proposed package of sanctions against Russia by the European Union (EU). The EU’s Foreign Affairs Spokesperson mentioned that it could take time to get signed off, particularly by Hungary, which has previously slowed down sanction efforts. Details on the package have not been announced yet, but it is expected to include measures such as:
* Preventing the resurrection of destroyed Nord Stream pipelines
* Targeting shadow fleet vessels and crude oil
* Sanctioning Russian banks, potentially disconnecting 20 more from SWIFT
* Lowering the oil price cap from $60 to $45
Some experts are skeptical about the effectiveness of these measures, citing previous instances where the EU has overpromised and under-delivered. To be truly effective, sanctions should tighten up loopholes, such as:
* Sanctioning shadow fleet captains
* Prohibiting all maritime services for Russian oil exports
* Implementing a total ban on Russian LNG imports to Europe
* Disconnecting remaining Russian banks from SWIFT
* Cracking down on the use of cryptocurrencies and third countries’ financial systems to circumvent sanctions
The report also mentions that Ukraine has identified raw materials such as titanium, antimony, beryllium, lithium, and carbon fiber as potential targets for sanctions.
