European Parliament pushes for broader sanctions against Russia

The European Parliament (EP) has urged the Council of the European Union (EU) to extend its restrictive measures against the Russian Federation, as stated in a resolution published on the EP’s website.

The resolution advocates for the Council to implement further sanctions targeting key sectors of the Russian economy, Caliber.Az reports.

The document specifically recommends expanding anti-Russian restrictions in areas such as metallurgy, banking, chemicals, nuclear energy, and agriculture.

Furthermore, the resolution emphasizes the need for a "complete ban on the import of Russian fossil fuels and liquefied natural gas into the EU" and urges a review of the current sanctions' timeline.

It suggests extending the duration of these measures from the existing six months to a more strategic three-year period.

Meanwhile, the United States has implemented significant banking sanctions on Russia, marking the most extensive measures since spring 2022. These sanctions target key financial institutions, including Gazprombank, which had maintained SWIFT access and processed euro transactions.

The resulting pressure on Russia’s energy trade has contributed to the ruble falling to its lowest level against the dollar in two-and-a-half years. The ruble dropped below 104 against the dollar and reached a one-year low against the Chinese yuan.

In addition to sanctions, the ruble faces further strain due to escalating geopolitical tensions, increased government spending, and exporters’ tax obligations. The ruble’s depreciation exacerbates inflation, with prices in Russia potentially rising by over 1% in November, pushing annual inflation to 9%.

This could prompt the Central Bank to raise interest rates to 23% in December. The falling ruble further burdens Russians, driving up living costs amidst high inflation and the war's economic strain.

By Aghakazim Guliyev