When Putin’s tanks rolled into Ukraine on 24 February there was a conceit that this might be the first war which the West could fight – and win – by sanctions alone. The EU’s latest efforts to stop importing Russian oil show just what a folly this was. Donations of military equipment to Ukraine are certainly helping to keep Russian forces at bay, but economic sanctions? That is another story.
Europe’s dependence on Russian oil and gas is the product of years of ill-conceived energy policy
Sanctions may be helping to lower living standards among Russian citizens, but they are still a long, long way from cutting off the lifeblood of the Russian economy – its oil and gas exports. Since February, EU countries have paid over £40 billion to Russia for its gas and oil – money which is helping fund the Russian military machine. But even after Monday’s new EU agreement, which was supposed to phase out oil and gas imports for good, substantial trade will continue.
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