[Comprehensive] US Hints at 'Energy Sanctions', EU Breaks Taboo... Full-Scale Effort to Strangle Putin

[Image source=AP Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] The United States and other Western countries are increasingly tightening the noose around Vladimir Putin, the Russian president who invaded Ukraine. After cutting off financial resources and expelling Russia from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment network, the next move expected from the U.S. is an ‘energy sanction.’ The European Union (EU) has broken taboos and decided to provide weapons support.

White House Press Secretary Jen Psaki appeared on ABC News on the 27th (local time) and, when asked about the possibility of energy sanctions against Russia, said, "Everything is on the table." This confirmed that it is a card that can be played at any time depending on Russia’s actions.

Russia produces 12% of the world’s crude oil and 17% of natural gas, so energy sanctions by Western countries would inevitably cause significant damage to the overall economy. Mark Finley, a researcher at the Baker Institute for Public Policy, explained, "If the energy sector is included in the sanctions package, it will deliver a greater shock to Russia," adding, "Oil royalties and related taxes account for about 40% of the Russian federal government’s revenue." However, in this case, global raw material prices could soar and supply instability could intensify, so the U.S. has postponed this option.

The fact that the U.S. hinted at the possibility of energy sanctions on this day reflects the judgment that President Putin’s actions are increasingly dangerous. On the same day, President Putin hinted at retaliation against the West’s massive sanctions, including SWIFT exclusion, by pulling out the nuclear threat card, which Western countries immediately opposed.

The U.S. is also currently studying ways to block Russia’s cryptocurrency transactions, including Bitcoin. The Wall Street Journal (WSJ) reported that possible measures include banning transactions initially sold in rubles or requested by Russian users on global exchanges, as well as directly sanctioning Russian exchanges.

The EU also raised the level of sanctions against Russia. Ursula von der Leyen, President of the European Commission, announced at a press conference that the EU would support the supply of weapons worth 450 million euros (approximately 606 billion won) to Ukraine. This is the first time the EU has provided funding for lethal weapons. Josep Borrell, the EU’s High Representative for Foreign Affairs and Security Policy, explained, "This breaks what was almost a taboo," adding that it could include supplying fighter jets for the Ukrainian Air Force.

Along with this, the EU has prohibited aircraft owned, registered, or controlled by Russia from landing, taking off, or flying over EU territory. Canada also decided to close its airspace to Russian aircraft. Switzerland, a neutral country in Europe, shifted its position on the same day to join the sanctions against Russia.

Meanwhile, the EU is also pushing for Ukraine’s accession. President von der Leyen expressed in an interview with Euronews, "We hope Ukraine becomes a member of the EU." Ukrainian President Volodymyr Zelensky also confirmed via Twitter, "I discussed Ukraine’s EU accession, decisions on strengthening Ukraine’s defense capabilities, and macro-financial support with President von der Leyen during a phone call."

This content was produced with the assistance of AI translation services.