EU sanctions on Russia doing more harm than good

TEHRAN, May 31 (MNA) – A UK columnist warned about the consequences of the European Union's sanctions on Russia, stressing that these sanctions are merely a deterrent and they’re doing more harm than good.

Six million households in Britain face the possibility of morning and evening blackouts this winter to maintain sanctions against Russia, as do consumers across Europe, Guardian columnist Simon Jenkins wrote.

This is despite Europe pouring about $1bn a day into Russia to pay for the gas and oil it continues to consume.

This seems crazy. Proposals by the EU to halt the payments are understandably being opposed by countries close to Russia and heavily dependent on its fossil fuels; Germany buys 12% of its oil and 35% of its gas from Russia, figures that are much higher in Hungary.

The EU in Brussels seems not to know what to do. A diplomatic compromise has been raised – exempting sanctions on imports via pipeline, which would spare Hungary and Germany – but no practical plan has been agreed.

The real reason is that arguments over the sanctions weapon have been reduced to macho rhetoric.

They are supposed to induce a foreign regime to change some unacceptable policy. This rarely if ever happens, and in Russia’s case, it has blatantly failed. Apologists now claim that sanctions are merely a deterrent, intended to work in the medium to long term. As war in Ukraine shifts into a different gear, that term could be long indeed.

Sanctions may have harmed Russia’s credit-worthiness, but the 70% surge in world gas prices alone has supercharged its balance of payments.

RHM/PR

News Code 187434

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