The European Union on Thursday announced new economic sanctions on Russia, joining the US, which had imposed fresh penalties on the Russian oil industry the day before.

Russian state media dismissed the measures, saying they are largely ineffective.

The sanctions are part of a wider push to pressure Russian President Vladimir Putin into negotiating an end to the war in Ukraine.

“We waited for this. God bless, it will work. And this is very important,” Ukrainian President Volodymyr Zelensky said in Brussels, where EU leaders at a summit unveiled the latest sanctions.

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Why the economic sanctions?

Energy revenue is crucial for Russia’s economy, allowing Putin to fund the military while keeping inflation stable and avoiding a currency collapse.

• The EU’s new sanctions target Russian oil and gas, the country’s fleet of old tankers that have been evading earlier sanctions, and Russia’s financial sector.
• The measures also include a system to limit the movement of Russian diplomats within the 27-member EU.
• International crude prices rose more than $2 per barrel on Thursday after the sanctions were announced.

Zelensky urged other countries to join in punishing Russia. “This is a good signal to other countries in the world to join the sanctions,” he told reporters in Brussels.

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EU took a month to finalize the measures

The EU took almost a month to finalize the new measures. The bloc has already imposed 18 rounds of sanctions against Russia over the war, but agreeing on targets can take weeks.

The US sanctions against Russian oil companies Rosneft and Lukoil followed President Trump’s comment that his plan for a quick meeting with Putin was on hold because he didn’t want it to be a “waste of time.”

Putin on Wednesday ordered drills of Russia’s strategic nuclear forces.