Sanctions against Russia are becoming more and more tangible every day, Austrian Foreign Minister Alexander Schallenberg said in an interview with Austrian newspaper WienerZeitung published on Sept. 9.
According to Schallenberg, the proof of this is Russia’s attempted blackmail using gas supplies sent via the Nord Stream gas pipeline.
"In the EU, we are sometimes champions of pessimism and downplaying the significance of things, but in this case, there is really no reason for this," Schallenberg said.
He added that sanctions are becoming more effective every day.
"Entire sectors of the Russian economy are idle, Russia is slipping into recession, while the forecast for Europe still promises growth," he said.
The Austrian official expressed hope that at some point it will be possible to return to diplomacy to end the war, but for now strategic patience and strong nerves are key.
Speaking at the Eastern Economic Forum-2022 in Vladivostok on Sept. 7, Russian leader Vladimir Putin threatened to cut off supplies of oil, coal and petroleum products if the West imposes a price ceiling on these resources.
The European Union adopted the seventh package of sanctions against Russia on July 21. The bloc imposed a ban on transactions with gold from Russia, including jewelry.
The EU has also expanded the list of sanctioned goods that can contribute to the military-technical development of the aggressor country or its defense and security sector, strengthening export control of dual-use goods and advanced technologies.