The volume of trade between Russia and the EU has fallen by 71% in three years, Izvestia has calculated, based on Eurostat data. While in the first nine months of 2021 they amounted to €200 billion, in the same period of 2024 - only about €57 billion. While the U.S. is engaged in dialogue with Russia, Brussels has agreed on the 16th package of sanctions against Russia, which imposes new restrictions on imports of aluminum and other goods, as well as restrictions on banks and tankers. On the consequences of the new package of measures and the split in the West - in the material "Izvestia".
What was included in the 16th package of sanctions
Over the past three years, Moscow has moved from fifth to 15th place in the list of the EU's most important trading partners. The volume of trade between Russia and the EU has fallen by 71% from 2021 to 2024. If for the first nine months of 2021 it amounted to €200 billion, then for the same period of 2024 - only about €57 billion, according to Eurostat data.
Against this background, on February 24, the EU foreign ministers agreed on the 16th package of anti-Russian restrictions. It was adopted by the anniversary of Russia's launch of a special military operation in 2022. European Commissioner for Foreign Affairs Kaja Kallas said that "the sanctions give leverage to provide Ukraine with the most favorable conditions". And immediately made it clear: preparations for the 17th list of restrictions are beginning.
The new package covers many areas, from the media to the supply of resources. In particular, 48 individuals and 35 legal entities have been added to the "black list". Among them, for example, Olympic champion Nikita Nagorny, artist Mikhail Galustyan and chess player and senator Sergey Karjakin. Sanctions have been imposed against 53 organizations that the EU believes support the Russian military-industrial complex, including those from India, Kazakhstan, China, the PRC, the UAE, Singapore, Turkey and Uzbekistan. Brussels also expanded the restrictions against Russian media: now eight more media resources, including Lenta and RuBaltic, will not be able to broadcast in the EU.
The new package pays considerable attention to the export of Russian energy resources. Another 74 oil tankers have been added to the sanctions lists. In addition, the temporary storage of Russian crude oil and oil products in the EU is banned, and further restrictions are also imposed on the export of goods and technologies related to exploration, including the Vostok Oil project.
A tightening of the oil price ceiling was not included in the new draft sanctions, nor was a ban on LNG and pipeline gas imports. Earlier, ten EU countries, including the EU Council President Poland, came up with this initiative to limit Russia's energy revenues. However, Hungary and Slovakia opposed the proposal. The G7 also does not intend to adjust the price ceiling on "black gold", Bloomberg reported.
The most significant ban was sanctions on imports of primary aluminum from Russia. Earlier it was already in effect in the U.S. and Britain, while the European Union imposed restrictions against imports of Russian wire, foil and pipes made of this metal. According to Politico, Greece expressed its concerns about the restrictions on aluminum, but it was able to be persuaded to join the common decision. These measures are related to the need to show that the EU still has mechanisms to influence Russia, Ivan Timofeev, program director of Valdai and general director of RIAC, told Izvestia.
- Earlier they had problems with the substitution of Russian aluminum. Apparently, they solved these problems by accumulating stocks or finding alternative suppliers," the expert said.
In addition, the EU will disconnect 13 regional banks from SWIFT, including Uralsib and the Black Sea Bank for Reconstruction and Development. European businesses are now banned from transacting with Vnukovo, Zhukovskaya, four regional airports and the ports of Novorossiysk, Ust-Luga, Astrakhan and Makhachkala. Brussels believes they are "being used to transfer drones, missiles and related technologies and components to Russia" and to circumvent the oil price ceiling.
In addition to the EU, the UK has introduced a new list of measures containing 107 items. According to British Prime Minister Keir Starmer, this is "the largest package of sanctions since the early days" of the conflict. Under the restrictions fell businessmen Roman and Gleb Trotsenko, general director of the TV channel "Tsargrad" Natalia Tyurina, Russian banker Igor Kim, deputy head of the Ministry of Emergency Situations of the Russian Federation Denis Popov. Also included in the sanctions list are 40 ships, financial organizations, DPRK Defense Minister Noh Gwan Chol and North Korean generals. Sanctions were also imposed against companies from Central Asia, Turkey, Thailand, India and China for supplying electronics to Russia.
How sanctions will affect Russia
Brussels agreed on the new sanctions package against the background of the development of the dialog between Russia and the United States. After a phone conversation between Vladimir Putin and Donald Trump on February 12, representatives of the two countries met in Riyadh. Moscow and Washington agreed to "eliminate artificial barriers" in the work of embassies and continue the dialog, in particular, a face-to-face meeting between the two presidents is possible.
Brussels continues to fully support Ukraine and refuse to dialog with Russia. The head of the EC, Ursula von der Leyen, arrived in Kiev on February 24 with a delegation of European leaders and announced the allocation of another tranche of aid to Ukraine in the amount of €3.5 billion. Support for Ukraine was the main topic of the informal summit of EU leaders, which was gathered by French President Emmanuel Macron.
It is important that not everyone in the EU follows the policy of escalation - Hungary and Slovakia say that contacts with Russia are necessary. At a meeting of EU foreign ministers on February 24, it was not possible to agree on a new initiative to provide military aid to Kiev, the next attempt will be held on March 6, Callas said. She admitted that there is no unified position in the EU and regarding the confiscation of frozen Russian assets.
Europe continues sanctions pressure against the Russian Federation despite the position of individual countries within the EU, but in practice it does not have a serious impact on Russia, Dmitry Novikov, first deputy chairman of the State Duma's international affairs committee, told Izvestia.
- This is not a new situation for Russia. The new package of sanctions does not bring anything fundamental to relations with the European Union," the Duma deputy said.
In economic terms, the new EU sanctions will cause some damage to the Russian economy, but there will be no serious macroeconomic consequences, as business puts these risks in its plans, summarized Ivan Timofeev.
Disconnection of banks from the SWIFT system of cross-border money transfers will reduce the possibility of payment for exports and imports for companies serviced by these banks. But most likely, it will affect not big business, as it has long ago found alternative options for payments, but mainly importers, said "Izvestia" analyst of Freedom Finance Global Vladimir Chernov.
- For European companies in principle nothing will change, but for organizations from third countries will sharply increase the risk of secondary sanctions, because of which many of them will begin to disconnect from the SPFS (Financial Message Transmission System of the Bank of Russia), as the fact of cooperation can still sooner or later "surface", - said the expert.
It is more likely that Russian developers have considered such risks and carefully thought out the security system in terms of identification. However, it is possible that the partners themselves will be wary of making payment actions. In the coming week, they will obviously take a wait-and-see attitude, assessing the US reaction, summarized Alexei Tarapovsky, founder of Anderida Financial Group.
Переведено сервисом «Яндекс Переводчик»
