The Future of EU Sanctions against Russia: Objectives, Frozen Assets, and Humanitarian Impact

Abstract:

EU sanctions against Russia are unprecedented in their breadth, as well as in the seriousness of the wrongdoing they seek to address. As a result, the European Union finds itself in uncharted waters as it develops its sanctions policy vis-à-vis Russia.

This paper offers an overview of three strategic issues that are likely to impact the further evolution of EU policy in this area, namely: the objectives that EU sanctions against Russia can pursue; the fate of hundreds of billions of dollars’ worth of Russian assets reportedly frozen across EU Member States; and the possible humanitarian impact of sanctions on Russian population. While questions associated with each of these issues admit of no easy answers, thinking through them will be essential to shaping a coherent, credible and effective sanctions policy in response to Russia’s aggression in Ukraine.