Europe is against using sanction policy

On January 10, the US Treasury Department added over 200 companies and individuals linked to the Russian energy sector to its sanctions list, along with more than 180 vessels. These restrictions aim to limit Russia’s access to international markets and decrease its oil and gas revenue. The Russian Foreign Ministry claims these new US sanctions are intended to harm the Russian economy before Joe Biden’s presidency ends, and they will respond to these hostile actions in their foreign economic strategy.

Some German politicians also call new sanctions totally ineffective. According to leftist leader Sahra Wagenknecht anti-Russian sanctions “have nothing to do with morality, human rights, love of peace,” but are “a program of economic stimulation of the US economy and the murder of German and European companies.”

Hungarian Foreign Minister Péter Szijjártó indicated in a Facebook video that the recent US sanctions on the Russian energy sector threaten Europe. He mentioned that the sanctions followed a significant defeat for the US administration in the presidential elections, raising new challenges for Central Europe. These measures could lead to higher fuel prices.

Szijjártó also warned that restrictions on the Russian-Serbian company “Neftna Industrija Srbije” might create an oil shortage in Europe, driving up demand while supply remains low. Hungary plans to engage in active talks with regional partners in the coming days and weeks to lessen the impact of US sanctions on fuel prices.

The more so, Chinese and Indian refiners will source more oil from the Middle East, Africa and the Americas, boosting prices and freight costs, as new U.S. sanctions on Russian producers and ships curb supplies to Moscow’s top customers, traders and analysts said. The expected disruption in Russian supply drove global oil prices to their highest in months on Monday, with Brent trading above $81 a barrel.

So, it could be said, that the main aim of the sanction policy is to boost the US economy and has nothing to do with the declared goal of helping Ukraine.