Here's Why The EU Still Won't Approve Tough Sanctions On Russia
The European Union already imposed sanctions on Russia in March over its stealth invasion and annexation of Crimea, but those lacked teeth. In the week after Russian-backed separatist accidentally shot down Malaysia Flight MH17 on July 17, killing 298 people, some EU members have urged much tougher sanctions.
But that is unlikely for a number of reasons, including the fact that London is a hotbed for Russian money, and France is in the process of selling Moscow two warships.
Furthermore, imposing sanctions requires agreement from all 28 EU member states .
REUTERS
Another key factor is Europe's reliance on Russian gas. Interestingly, several countries that import a significant amount of Russian gas are pro-sanctions while others that do not import any Russian gas are still against sanctions.
Nevertheless, there's no collective political will to truly punish Vladimir Putin as long as Russian companies are supplying about 30% of Europe's gas.
REUTERS
Consequently, Putin remains relatively undeterred, railing against NATO while continuing to train and arm separatists in eastern Ukraine.
- I spent 2 weeks in India. A highlight was visiting a small mountain town so beautiful it didn't seem real.
- I quit McKinsey after 1.5 years. I was making over $200k but my mental health was shattered.
- Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
- World Liver Day 2024: 10 Foods that are necessary for a healthy liver
- Essential tips for effortlessly renewing your bike insurance policy in 2024
- Indian Railways to break record with 9,111 trips to meet travel demand this summer, nearly 3,000 more than in 2023
- India's exports to China, UAE, Russia, Singapore rose in 2023-24
- A case for investing in Government securities