The EU agreed on Thursday to publish and apply its new sanctions against Russia on Friday. However in a statement the EU said it was ready to cancel some or all of the measures next month if it appears the peace plan is working.
Beyond further limiting Russian access to international finance it is believed new sanctions will hit Russia’s oil and gas industry much harder than first thought; they will effectively starve Russia of the technology it needs to open up the vast resources of the Arctic.
At The Russian Foreign Ministry, retaliation is being prepared.
“This is an absolutely unfriendly policy which among other things contradicts the EU’s interests as well. Russia’s political leadership has already made it clear to politicians of various levels that we will
take adequate measures and our response will be proportional to the damage these sanctions cause to the economies of our state,” said spokeman Alexander Lukashevich.
These may include caps on the import of used cars and other consumer goods.
President Putin is in Tajikistan for a two-day summit with China, and after hearing the EU announcement he noted it while commenting that Russia would continue to work and build relationships with its “other partners”.
He also praised Moscow’s joint projects with Beijing, almost all of which he claimed were moving forwards.