It appears that Europe has finally had enough of sanctions against Russia
Even the most ideological and incompetent bureaucrat eventually gets the message as after nearly four years of declining exports, and hundreds of billions of euros lost in trade, the G7 on April 11 voted down a U.S.-UK led resolution to impose greater sanctions on Russian military and political figures following the false flag gas attack that occurred in Syria last week.
Led by German and Italian members within the G7, a resolution pushed forward by Britain’s Foreign Secretary Boris Johnson fell on deaf ears as the EU contingency readily ignored the UK’s efforts to try to act strong in the face of growing geo-political events.
While eager to show a united front against Russia and Syria, G7 foreign ministers meeting in Italy again failed to reach an agreement over new sanctions against the two nations as a British plan to impose targeted sanctions on military personnel in Russia and Syria, supported by the US, was rejected by European allies.
“There is no consensus on additional new sanctions,”¬†Italian Foreign Minister Angelino Alfano said.
Foreign Secretary Boris Johnson spearheaded the drive at the G7 for punitive measures against Moscow, but could not win the full-throated backing he wanted from Germany, Italy or the wider European Union. Officials tried to play down the failure to win more vocal support for sanctions, saying gaining backing from the Germans and Italians was always likely to prove difficult.
According to the¬†Independent, British officials insisted that targeted sanctions are still on the table, but that moving forward with them would have to wait for a full investigation into the attack which killed scores in the rebel-held village of Khan Sheikhoun. – Zerohedge
Ironically, the division between G7 members on expanding sanctions against Russia was almost unanimous between those who’s intelligence services are believed to have trained ISIS terrorists¬†in Syria, and in those who while being a part of NATO, do not believe Russia to be the villain the neo-conservatives are making them out to be.
As the European Union gets ready for a summer of decision from the potential exit of more nations than just the UK in the coming months, the last thing any finance minister wants to do is extend their nation’s economic declines that have occurred in part due to their inability to trade goods and services with Russia. ¬†And yesterday’s no vote could also mean the door is now open for all European sanctions on Moscow to potentially end altogether when their annual renewal next comes up for a vote.
Kenneth Schortgen Jr¬†is¬†a writer for The Daily Economist, Secretsofthefed.com,¬†Roguemoney.net, and Viral Liberty, and hosts¬†the popular youtube podcast on Mondays, Wednesdays and Fridays.¬†Ken can also¬†be heard Wednesday afternoons giving an weekly economic report on the¬†Angel Clark radio show.