The West tightens the screws on Russia

SOME eight months since Russia’s invasion of Ukraine, one of the major geopolitical surprises has been the unexpected unity of the Western response, especially that of the 27 European Union members.

With European prime ministers and presidents meeting on Friday (Oct 7) for their latest wave of continental summitry, the Brussels-based club has this week signed off on an eighth hard-hitting package of sanctions against Russia. This announcement was accompanied on Wednesday by a very robust speech by Commission President Ursula von der Leyen to the European Parliament, where she affirmed that “now is the time to stay the course and continue to stand with Ukraine as long as necessary”.

The cornerstone of the EU’s eighth sanctions package is a new price cap on the seaborne trade of Russian oil. According to Russia’s central bank, sales of Russian crude oil amounted to US$110.2 billion in 2021, while refined oil products, like diesel and gasoline, brought in US$68.7 billion.