The High Representative for Foreign Policy of the European Union, Josep Borrell, asked the Europeans this Saturday “strategic patience” until the conflict in Ukraine ends after advocating sanctions against Russia despite rising energy prices.
“Now, as the war drags on and energy prices rise, many people in Europe and elsewhere are wondering if these sanctions are working or side effects are too great“, he wrote on his blog.
For the head of European diplomacy, the restrictive measures that the European Union (EU) has approved since the beginning of the invasion are “effective”, because they are “blunt” and “its effects on the Russian economy will increase even more.”
Borrell acknowledged that “strategic patience is needed, because it can take a long time [sanções] have the desired effect.”
EU prepares sanctions against Russian gold exports in Prague
“It is the price to pay for defending our democracies and international law,” he said, assuring that the EU does not want to “go to war with Russia” and that economic sanctions and support for Ukraine are a priority.
The head of European diplomacy stated that the agreement reached between European leaders to stop importing russian oil that they buy by sea at the end of the year means ending 90% of their purchases of this fuel, “depriving Moscow of the corresponding income”.
The former Spanish minister admitted, however, that Russia is the second largest exporter of oil and, as such, exports it to other markets. mostly asianthus obtaining resources to finance the war.
The Russian oil industry will “suffer” not only from the departure of foreign operators, but also from its “increasing difficulty” in accessing sophisticated technology such as horizontal drilling, he said.
Borrell indicated that “Russia’s ability to place new wells [de petróleo] in production will be limited, which will cause a drop in production.”
The High Representative for Foreign Policy of the European Union also said that Russia depends on Europe for more than 45% of imports of high-tech products, and on the United States for 21%, while only 11% of purchases of these goods come from China. , where Moscow looks for an ally.
Source: Observadora
