In an attempt to tighten the screws on the enforcement of sanctions imposed over the past year, the European Union (EU) is considering restricting the transit of goods via Russia.

The proposed move is part of the framework of the 11th sanctions package and aimed against “the loopholes in sanctions already enacted.

Also, key allies of Ukraine including the US, Europe and others are preparing to impose fresh penalties against Moscow with an aim to tighten the net on the Russian economy, according to people familiar with the matter.

Last month, Poland’s Foreign Minister Zbigniew Rau said that the new round of European Union sanctions is under discussion but adoption of the package is unlikely earlier than “deep into May”.

However, in response to a question about restrictions imposed against the country, Russian Finance Minister Anton Siluanov told RT last month “All these restrictions have boomeranged,” he argued, noting the worsening cost-of-living crisis in Western countries, soaring inflation, and a decline in living standards.”

“Therefore, these countries are pursuing a short-sighted policy, introducing regular packages of restrictions and sanctions. We are developing our financial independence in the face of a tight budget and budgetary rules, targeted inflation,” he had said, adding that the Russian government is also seeking independence in terms of payment instruments, including with the help of its Mir card and the domestic National Payment Card System (NSPK), as well as seeking to achieve technological sovereignty.

“When Western countries introduce new packages of restrictions, we take anti-sanction measures and we see that we are succeeding,” Siluanov was quoted by RT as saying On April 25. He also added that the Russian economy would reach positive growth rates this year.

These sanctions are meant to undermine Russia’s economy and drain funds for its war effort, but they are also increasingly inflicting pain on European economies already hit by high inflation and energy prices and still suffering from the effects of the COVID-19 pandemic.

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