On Wednesday, the Hungarian EU presidency announced that ambassadors from member states had agreed on the EU's 15th package of sanctions against Russia. Dutch Foreign Minister Caspar Veldkamp said the new package of restrictions targeted Russia's "shadow fleet."
"This is madness. It is like a state coup against our own industry. It is inexplicable. We still buy Russian [oil] and import it via India. It is a crazy situation, and I think all these sanctions have only made life harder but had no political effect on Russia," Niemeyer specified.
After these sanctions were imposed, Russia began manufacturing many goods at home. Now even European companies are eager to return to the Russian market, Niemeyer told Sputnik, adding that this situation shows that these restrictions "no longer impress anyone."
Russia has repeatedly affirmed its resilience against escalating sanctions. President Vladimir Putin has cautioned that efforts to contain Russia would inflict serious harm to the global economy. Furthermore, Western countries have frequently admitted the ineffectiveness of sanctions.