Brussels, Oct 23 (AP) The European Union has implemented additional economic sanctions against Russia, following new punitive measures announced by US President Donald Trump targeting the Russian oil industry. Russian officials and state media have dismissed these Western sanctions as largely ineffective.

These sanctions aim to disrupt the revenue and supplies that support Moscow’s invasion of Ukraine and to pressure Russian President Vladimir Putin into negotiating an end to the conflict. Ukrainian President Volodymyr Zelenskyy has welcomed these measures, stating, “We waited for this. God bless, it will work. And this is very important,” during an EU summit in Brussels where the sanctions were announced.

Despite ongoing US-led peace efforts, the war, now nearly four years old, continues without signs of resolution, raising concerns among European leaders regarding the threat posed by Russia. Ukrainian forces have managed to hold off Russia’s larger military in a prolonged war of attrition along a 1,000-kilometre (600-mile) front line. Russian long-range strikes have been targeting Ukraine’s power grid as winter approaches, while Ukrainian forces have retaliated by targeting Russian oil refineries and manufacturing facilities.

The new sanctions specifically target the energy sector, which is crucial to Russia’s economy, enabling Putin to fund military operations without exacerbating inflation or causing a currency collapse. The EU’s measures include a ban on imports of Russian liquefied natural gas and port bans on over 100 ships in Russia’s aging tanker fleet, increasing the total number of banned vessels to 557. Additional restrictions include prohibiting transactions involving a cryptocurrency used by Russia to evade sanctions, banning operations with Russian payment systems, and expanding export bans on electronic components, chemicals, and metals utilized in military production. A system to limit the movement of Russian diplomats within the EU will also be introduced.

Following the announcement of these sanctions, international crude prices rose by more than USD 2 per barrel. The US sanctions against Russian oil companies Rosneft and Lukoil, announced by Trump, are set to take effect on November 21, potentially allowing for a window of opportunity for negotiations with Russia. Chris Weafer, CEO of Macro-Advisory Ltd., noted that this timeframe might encourage Russia to engage more seriously, with the possibility of suspending sanctions if progress is made.

While the immediate impact of US sanctions may be limited, they are expected to gradually diminish revenue for Moscow. Weafer highlighted that oil buyers in Asia are likely to rush to purchase Russian oil before the sanctions take effect, providing a temporary boost to Russia’s budget. Unlike European sanctions, US measures threaten secondary penalties against violators, with China and India being significant importers of Russian oil.

Russian Foreign Ministry spokeswoman Maria Zakharova criticized the new US sanctions as “entirely counterproductive” and detrimental to the pursuit of a negotiated resolution to the conflict. Former Russian President Dmitry Medvedev claimed that Trump has “fully embarked on the path of war against Russia” with these sanctions. State-run and pro-Kremlin media have largely downplayed the sanctions, suggesting they will not significantly impact Zelenskyy or bring peace closer.

Analysts question the effectiveness of economic sanctions in compelling Putin to change course, noting that while Russia’s economy has shown resilience, it is beginning to exhibit signs of strain. The EU’s decision-making process for sanctions has been lengthy, with the bloc having already imposed 18 packages of sanctions against Russia since the onset of the war. Moscow has demonstrated a capacity to circumvent sanctions effectively.

In a related development, Russian President Putin ordered drills of the country’s strategic nuclear forces, seemingly as a reminder of Russia’s nuclear capabilities. Additionally, a Russian drone attack in the Donetsk region resulted in the deaths of two Ukrainian journalists, Olena Hubanova and Ievhen Karmazin, who were employed by Ukraine’s Freedom TV channel, according to regional administration head Vadym Filashkin.