To demonstrate its resolve, to punish organizations that try to get around the sanctions placed on Russia, the European Union has launched a broad campaign to find and punish those who try to do so.
In reaction to Russia’s actions in numerous geopolitical conflicts, the EU and its member states have been actively working to impose sanctions against the country. The effectiveness of the sanctions is being weakened, though, some reports suggest that several organizations are figuring out how to get around them.
As Blomberg reported, a new round of sanctions might include “further listings, more trade restrictions, and cracking down on Moscow’s continued ability to get around the bloc’s sanctions both through third countries and companies within the EU.”
In conjunction with the campaign, the European Union is contemplating the introduction of supplementary measures, such as broadening the scope of sanctions and levying penalties against financial institutions discovered to be aiding unlawful transactions.
The purpose of this action is to allay worries that certain organizations are abusing financial system weaknesses to carry on conducting business with Russia.
As the EU escalates its efforts to tighten the noose around entities evading Russian sanctions, the international community will be closely watching for the impact of these measures on the effectiveness of the broader sanctions regime.
