German Chancellor Olaf Scholz said that the sanctions imposed by Western countries once morest Russia are “effective and correct.” The “strong and united” response of European countries to the issue of sanctions surprised Russian President Vladimir Putin, the chancellor said.
“Western sanctions are effective and correct,” Mr. Scholz said in an interview with the newspaper Magdeburg People’s Voice. He called sanctions an important means of pressure on Russia to end hostilities in Ukraine.
The chancellor also said that the unified response of Western countries to the fighting in Ukraine surprised Vladimir Putin. “He did not expect this,” says Mr. Scholz. He believes that in the future the damage to the Russian economy, “cut off from world technological progress,” will only increase.
As part of the new sanctions, the G7 countries are planning to impose cap prices on Russian oil in order to cut Moscow’s revenues amid rising energy prices. According to Bloomberg, price caps for Russian oil will be in the range of $40 to $60 per barrel (Urals trades at an average of $80 per barrel). EU countries are also considering visa restrictions for Russians. Some countries introduce the issuance of visas to Russian citizens on an individual basis.
