are European sanctions against Russia really effective?

European Commission President Ursula von der Leyen detailed Wednesday May 4 the proposed new measures against Russia. Sanctions against military and banking officials are planned. Above all, an embargo on Russian oil is also envisaged.

Are EU sanctions effective? On the war front, nothing changes: Vladimir Putin continues his offensive in eastern Ukraine. In Russia, the economy seems to be absorbing the shock: there have been no bank runs, the ruble is even at its highest level since the beginning of the war. “Exporters like Gazprom receive foreign currency, but Russian law obliges them to convert it immediately into rubles. This allows the ruble to be mechanically supported at a high level”Explain Evgueni Madorchin, economist. The embargo on coal will only be effective in August, and that on oil in December. In the meantime, the Europeans will continue to pay Russia more than 750 million euros per day to provide energy. We will therefore have to wait until next year to see significant effects.