Europe’s Unsanctionable Stupidity

The EU is on track to approve its 21st package of sanctions against Russia, featuring new shadow fleet listings, transaction bans, and controversial measures like limits on Russian fish imports. A key driver for the mid-July approval is the need to freeze the current oil price cap before market fluctuations render it obsolete. Despite these efforts, analysts argue that sanctions are failing to suffocate the Russian economy, which is experiencing record real wages and low inflation despite high interest rates.