EU's Josep Borrell says bloc facing severe challenges due to sanctions imposed on Russia

As the war in Ukraine continues unabated with no sign of ending anytime soon, European Union's (EU) foreign policy chief, Josep Borrell claimed that the bloc is facing significant challenges owing to sanctions imposed on the Russian Federation. However, he added that those are short-term challenges. 

Borrell's statements came as the EU has imposed a series of sanctions on Russia for its "unjustified" invasion of Ukraine. According to the European Council, the sanctions imposed include targeted restrictive measures (individual sanctions), economic sanctions as well as diplomatic measures. 

"Of course, we are facing big challenges in the short term. It is undeniable that gas prices are rising. But we must be prepared to pay the price for freedom. We are limiting Russia's economic opportunities. As long as the Russian economy depends on oil and gas, it will need our technology, Borrell told Austrian daily Kronen Zeitung, news agency TASS reported. 

He further pointed out that the energy crisis is the biggest crisis Europe has ever experienced and called for unity to overcome the issue. "First, there was a debt crisis, then a pandemic, now energy. The only solution is unity," the EU's chief diplomat added.

In late July, Borrell stated that the block has also pledged to wean itself off Russian natural gas in the coming years. He further stressed that the EU would also search for alternative energy sources, which would definitely take some time. According to him, members of the bloc have also realized that they were relying too much on Russian gas.

EU imposed wide range of import & export limitations on Russia

According to the EU, the economic sanctions are intended to hold Russia accountable for its conduct and to substantially obstruct Russian efforts to prolong the aggression in Ukraine. The EU has imposed a range of import and export limitations on Russia as part of the economic measures. This means that certain products cannot be sold by European companies to Russian companies and vice-versa. In order to protect the Russian population from sanctions, the export and import limitations do not apply to goods that are primarily intended for consumption and those that are connected to health, pharmaceuticals, food, and agriculture.

Image: AP