EU sanctions are already inflicting serious damage on Russia; however, for violations of the sanctions regime to genuinely lead to real punishment, the European Union needs to strengthen enforcement, improve coordination, and make decision-making more timely.
This was stated in a wide-ranging interview with Guildhall by Latvian Member of the European Parliament Martins Stakis.
According to the MEP, “EU sanctions are working and have already cost Russia dearly”: “by some estimates, since 2022 this amounts to hundreds of billions in lost revenues and assets.” He stressed that “today Europe is carrying the largest share of economic, financial, and humanitarian support for Ukraine, and sanctions are part of this support.”
At the same time, he noted that “their enforcement could be stricter.” In addition, according to him, “as long as one Member State can block decisions, it is more difficult to adopt strong and timely sanctions.” At the same time, the MEP added that “within the current system, the EU is doing everything that is possible.”
Earlier, Lithuanian Seimas member Emanuelis Zingeris stated that the EU needs to strengthen coordination in combating the circumvention of sanctions against Russia, since cross-border schemes are difficult to detect and bring to prosecution when national authorities act in a fragmented manner.
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