Without US backing, the EU’s newest sanctions package against Russia—though not painless—is unlikely to have a significant impact on the country’s oil and gas revenues or its broader economy
The EU unveiled what it described as one of its most punitive sanctions packages against Russia in late July, targeting the country’s energy and financial sectors with new restrictions designed to curb Moscow’s wartime revenues.
However, while the measures will not be painless to Russia, they are unlikely to have a significant impact on either the country’s oil and gas receipts or its broader economy, which has largely adapted to sanctions and partial international isolation over the past three years. Moreover, the latest package critically lacks US backing, likely undermining its effectiveness.
Oil sanctions
Agreed by EU ambassadors on 18 July, the 18th sanctions package includes a reductio
