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As the world’s wealthy democratic powers roll out new sanctions against Russia in response to horrifying images of executed Ukrainians in the city of Bucha, it has become clear that the easiest options are now exhausted.

The European Union proposed a first stab at curbing Russia's energy sector in response to its invasion of Ukraine launched in February, banning imports of Russian coal.The European Union proposed a first stab at curbing Russia's energy sector in response to its invasion of Ukraine launched in February, banning imports of Russian coal.

But EU countries remain divided even over this move, much less restricting imports of Russian oil and gas that are more important to their economies. Although Russia’s heavily restricted rouble rallied to a six-week high on Wednesday, US Treasury officials say the sanctions are starting to turn Russia back into an austere, 1980s Soviet-style closed economy,

Russia supplies around 40% of the European Union’s natural gas consumption, which the International Energy Agency values at more than $400 million per day.“We are at the point where we have to take some pain,” said Benn Steil, international economics director for the Council on Foreign Relations think tank in New York. “The initial batches of sanctions were crafted as much to not hurt us in the West as much as they were to hurt Russia.

“You’ve kind of hit the ceiling – on both sides of the Atlantic – for what can be done easily and what can be done in short order,” said Clayton Allen, US director at the Eurasia Group political risk consultancy, referring to the sanctions.

 

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