February 28, 2027: -France’s finance minister said that additional sanctions are being evaluated against Russia for its unjustified fight against Ukraine, as current measures have proven “very efficient.”
“We are in the way of defining these new sanctions. For now, I want to insist that sanctions implemented and stated are very efficient,” Bruno Le Maire said in Bengaluru, India, where nearly 20 financial leaders met.
“When we look at the oil revenues diminishing in Russia, thanks to the sanction. When you look at the frozen assets of more than $58 billion, it can be stated that sanctions against Russia are efficient,” the finance minister stated.
His remarks came as Ukraine marked a single year since the beginning of the whole-scale invasion by Russia in February 2022.
The European Union ramped up its oil sanctions against Russia. The bloc’s prohibition on exports of Russian oil products kicked in on February 5. The embargo came precisely two months after the West took their biggest step yet to prevent Russia from providing the war with fossil fuel export earnings.
The Group of 7 had put a $60 price cap on Russian oil on December 5. It came alongside the EU’s import prohibition on Russian seaborne crude and corresponding bans by other G-7 partners.
Analysts have been skeptical regarding the effectiveness of sanctions imposed on Russian crude oil.
Still, Le Maire has stated that Europe needs to stick “to an obvious, strong implementation of the sanctions.”
“Sanctions will be efficient in the long term, so we must be quite sure. We need to be firm, and we need to be strong. That’s exactly the attitude all European members have chosen,” said Le Maire.
All European cities “stand united meeting this war in Ukraine and facing decisions of sanctions. This is quite good news for Europe,” the finance minister stated.
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