As debate continues to swirl around future economic penalties expected to be implemented against Russia in response to the invasion of Ukraine, the impact of these sanctions has been dramatically undermined.
The new European Union sanctions will ban the imports and re-export of Russian oil products, but Hungary’s exemption from the former and various alternative resources will ensure the country’s energy security.
Belgium has lobbied hard for the past year to keep Russian diamonds off the list of sanctioned goods. Indeed, there would be a huge impact on the economy of the port city of Antwerp, if Europe finally joins with the U.S. and others in banning sale of so-called "blood diamonds" from Russia. But a 10th package of EU sanctions arriving this month may finally be the end of the road.