The Russian authorities are once again dealing with sanctions. This time, the European Union has introduced a new, 14th package of restrictions targeting Russia. It means more obstacles to overcome.
On Monday, June 24, the EU Council approved the 14th package of economic and individual sanctions. Key sectors of the Russian economy, such as energy, finance, and trade, are in the crosshairs.
Currently, the EU has anti-Russian sanctions in place for "undermining or threatening the territorial integrity, sovereignty, and independence of Ukraine," "internal repression in Russia," and more. Some Russian officials are on sanctions lists for spreading and using chemical weapons, human rights violations, and cybercrimes. In total, there are over 40 different sanctions regimes in the EU bloc.
Since February 2022, there have been 13 restrictive packages introduced against Russian citizens and organizations. In total, 1,725 individuals and 420 organizations are under European sanctions. European citizens and companies are prohibited from providing funds to those on the sanctions lists. There is also a travel ban on individuals, preventing them from entering or transiting through the EU.
The Russian authorities have repeatedly stated that the country will withstand the sanctions pressure from the West. The Kremlin has already noted that the West lacks the courage to admit the failure of anti-Russian sanctions. Moreover, in several European countries, there have been opinions that the imposed restrictions are ineffective. According to Russian authorities, the current sanctions have dealt a severe blow to the global economy.