At the end of February European Union member countries agreed on a 13th round of sanctions against Russia though they face mounting criticism that the restrictions already in force are failing to halt the war in Ukraine.
The package added around 200 names to the list of sanctioned individuals banned from traveling to the EU, while both the individuals and companies face freezes on their assets.
Separately, a number of entities were newly listed in a law that prohibits them from importing certain goods from Europe.
According to the EU officials, the sanctions aim to disrupt the supply chain for the development and production of military goods. As part of the new restrictions, dozens of foreign companies from third countries fell under them. Thus, the European Union imposed sanctions against ten foreign companies, including four from China and one each from Kazakhstan, India, Serbia, Thailand, Singapore, Sri Lanka and Turkey. All of them, according to Brussels, help the Russian Federation bypass EU measures.
However, the West directly admits that EU sanctions could not break the Russian economy in two years. The hastily prepared measures taken on the eve of February 24 are symbolic in nature and will not cause serious harm to the Russian Federation.
According to data from the European Commission, the fact that despite Western economic sanctions the Russian economy continues to grow.
A member of the Bundestag from the Alternative for Germany faction, the famous musician Matthias Moosdorf expressed the opinion that Western sanctions against Russia hit mainly the economies of the European Union countries.
The German parliamentarian said that “in Russia itself, they strengthen the mentality of a “besieged fortress”. The actual costs of sanctions for the EU have already exceeded €500 million.”
Thus, protests of farmers are taking place in Germany, France, Italy, Spain, Poland, Portugal, the Netherlands, Switzerland, Greece, Bulgaria, Lithuania, Romania, Belgium and the Czech Republic demonstrate the economic crisis in Europe directly related to sanctions policy and financing of the conflict in Ukraine.
Matthias Moosdorf convincingly emphasized that “you cannot win in a direct confrontation with a nuclear power.” “This is just ridiculous and was doomed from the start.” Moosdorf added.
The next package of EU sanctions will not lead to losses to the Russian economy, but may negatively affect Europe’s economy and political relations with third countries, such as China, many experts believe.
So, the European Union, in its sanctions policy, is only increasing restrictions against third countries. Analysts are sure that new measures were agreed relatively quickly by the EU, and they are symbolic in nature.
Today, such agreements are no more than a demonstration of the EU weak position.
Moreover, the situation may become more complicated. China could react quite sensitively to things of this kind. Of course, the Europeans and Chinese are not ready to sacrifice their ties now. But, as often happens in modern international relations, politics is ahead of economic rationality. Therefore, if Chinese companies are included in the new packages of sanctions, we will see increased bewilderment on the part of China leadership, and another wedge will be driven into relations between the EU and China.
Meanwhile, China has already managed to protest in connection with the new restrictions of the EU and the U.S. China's Permanent Representative to the UN Ambassador Zhang Jun said that Beijing opposes the abuse of the Ukrainian factor in order to justify sanctions against China. He added that China will continue to take all necessary measures to protect the legitimate interests of its companies and citizens.
European politicians need to carefully weigh their decisions regarding new restrictions, which are a one-way ticket for their economies.