Discussion Underway in EU Regarding Comprehensive Trade Sanctions Against Russia
Let's Get Rude and Uncensored on the Global Stage: The Looming Economic Stranglehold on Russia
Western nations are firing up their dirty laundry, planning to smack Russia's economy with a "knockout punch" that'll make past sanctions seem like a playful tickle. Unnamed diplomats have spilled the beans about possible measures, ranging from slapping hefty tariffs on Russian exports to a full-blown trade embargo.
The proposal's roots can be traced back to a bill drafted by Senators Lindsey Graham, a South Carolina Republican, and Richard Blumenthal, a Connecticut Democrat. If Russia refuses to toe the line with Ukraine, this bill calls for primary and secondary sanctions, with imports from oil, gas, uranium, and other Russian goods facing a whopping 500% tariff from importing countries.
Politico dropped a bombshell, reporting that if US President Donald Trump doesn't buy into Lindsey Graham's initiative, Ukraine still has the firepower to roll out its own sanctions package without the US's involvement.
On May 14, EU countries struggled to agree on the 17th sanctions package against Russia. European Commission President Ursula von der Leyen announced that this package would put the kibosh on 189 tankers considered part of Russia's "secret navy." Reuters added that the restrictions would also ensnare 30 companies involved in the dubious trade of dual-use goods, as well as 75 individuals and entities suspected of ties to Russia's military-industrial complex.
European leaders have barked threats to impose new sanctions if Russia didn't back down from the war in Ukraine. On May 13, Bloomberg reported that Europe would wait for Russia-Ukraine peace talks in Istanbul before egging the US on to announce new sanctions against Russia.
In Moscow, they've been hollering that sanctions are as illegal as a moonshine bootlegging operation and a violation of international law. Kremlin spokesman Dmitry Peskov scoffed that threatening Russia with new sanctions was a waste of time on May 10. On May 12, he warned that Russia couldn't be talked to in the language of ultimatums.
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Amidst the escalating tensions between West and East, the ongoing debate about policy-and-legislation, specifically concerning Russia's economy, has become a focal point of general-news. The proposed sanctions, if enacted, could potentially strangle Russia's economy, with the prospect of hefty tariffs on exports and a trade embargo looming large.
