‘Putin’ Sanctions on Russia
The continuation of European Union and US sanctions against Russia coupled with Russia’s retaliations serve only to maim the European economy as a whole, and should cease.
Since Russia’s occupation of Crimea in March the European Union (EU) and the United States (US) have intensified sanctions and restrictions on numerous major Russian institutions. The European and Western sanctions have targeted numerous senior Russian officials, separatists’ commanders, and even Russian firms suspect of weakening Ukrainian sovereignty have been blacklisted. In addition, on September 12, the European Union introduced sanctions targeting Russia’s state finances, energy, and arms sectors, areas run by the influential around President Vladimir Putin. Sanctions have caused Russia to retaliate with its’ own bans on foods imported from the EU, USA, Norway, Canada, and Australia.
It must be noted that Putin himself has not been included on sanctions lists, as Western leaders still wish to be able to meet him and place diplomatic pressure on him, as they still require Russian cooperation on issues such as North Korean and Iran. However, it seems foolish to expect Putin cooperation while the Russia economy takes direct hits internationally and domestically.
The economic sanctions now no longer solely affect Russia, but also cause other countries to face losses as well. Russia provides a high amount of oil and gas to its’ neighbouring European countries, and the international sanctions by the European Union cause innocent countries to suffer the effects. Despite decreasing in landownership significantly since the period of the U.S.S.R, Russia has become a thriving European market for Western consumer goods during the past decade.
The United States does significantly less business with Russia than the European Union, and it sanctions against Russia affect the US much less than it does Europe. It is unfair that European countries trying to provide for themselves have to suffer economically because of their business with Russia. The purpose of the sanctions is meant to halt Russia’s involvement in eastern Ukraine. However the economic restraints come at the cost of the European economy failing, especially as the Russian economy is doing poorly, nearing recession without global market access.
The sanctions are meant to serve a political goal, yet the economy is declining. The immense consequences of sanctions should be measured against any expected benefits before and after they are actually adopted against a nation. As the sanctions have caused immense European economic turmoil and minimally changed the Russian perspectives on Ukraine, alternative foreign policy tools should instead be considered, rather than a continual deterioration of European economy, namely shooting oneself in the foot.
The adaptations of European Union and US sanctions against Russia have minimal positive results, while causing the deterioration of Europe’s economy as a whole. As such, the sanctions should cease as they accomplish much less for such a high cost.