The EU is confronted with a rise of economic statecraft in a more polycentric and confrontational geopolitical landscape. In this context, the role and effects of sanctions have undergone significant changes in recent years, placing new demands on EU sanctions policy.
Following Russia’s full-scale invasion of Ukraine in February 2022, the EU adopted 15 sanctions packages of unprecedented scope and scale, which have exacted a substantial toll on Russia. But Moscow has been adept in adjusting to and evading Western measures, as sanctions have become easier to circumvent through the use of technology and important third-party countries. Moreover, sanctions have proven painful not only to the targeted but also to sanctioning parties. At the same time, the EU finds itself increasingly at the receiving end of economic coercion from a variety of actors.
This EPC project focuses on how the EU can enhance its economic statecraft and sanctions policy to defend its values and interests effectively in a rapidly changing world. Key areas of study include:
- Adapting EU sanctions policy to a rapidly evolving global landscape of economic statecraft.
- Developing effective answers to economic coercion.
- Aligning sanctions policy with the EU’s broader foreign, security, and economic objectives.
- Enhancing the effectiveness of EU sanctions.
- Creating effective international sanctions coalitions.
- Considering different sanctioning tools and navigating the complex trade-offs involved.
- Enhancing the EU’s institutional capacities for designing and implementing a more effective and impactful sanctions policy.