(CNN) — The European Union’s High Representative for Foreign Affairs and Security Policy Josep Borrell said on Friday that the Russian economy “will face more difficulties” as Russia’s war on Ukraine enters its second year due to Europe’s largely exclusion of Russian gas and continued sanctions against Moscow.
Borrell added, to CNN correspondent Isa Soares: “Last year, Russia could earn a lot of money because of the rise in energy prices, and we were very dependent on Russian gas imports, but this is over. Europe no longer consumes Russian gas, we were dependent on it by a percentage.” 40%, and now we only depend on 6%, and we don’t depend on Russian oil.”
“From an economic point of view, Russia will pay a heavy price for this war, and the sanctions are working, but slowly,” he stressed.
In a related context, the Swedish Presidency of the Council of the European Union announced that the European Union had approved the tenth package of sanctions against Russia.
The Swedish presidency said on Twitter: “One year has passed since Russia’s brutal and illegal invasion of Ukraine, and today the European Union approved the tenth package of sanctions against Russia.”
She added that the new package imposed “the most powerful and far-reaching sanctions ever to help Ukraine win the war.”
The package provides for the application of sanctions against individuals and entities supporting the war, spreading propaganda or delivering the drones that Russia uses in the war, as well as tightening export restrictions.
It is reported that when the war broke out, Western countries responded with unprecedented sanctions to punish Moscow and put pressure on Russian President Vladimir Putin. As a result, the Russian economy weakened, but it also showed resilience. With the decline in demand for Russian oil in Europe, Moscow redirected to Asia.
The European Union has made great strides in phasing out purchases of oil from Russia. The bloc, which dramatically reduced its dependence on Russian natural gas last year, formally banned most Russian crude imports by sea, and implemented a similar ban on refined petroleum products this month. .
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