The impact of the European Union’s sanctions against Russia on the EU’s economy remains limited to a few sectors, according to a study by the European Commission, which was requested by EU member states. This was reported by Bloomberg with reference to a knowledgeable source.

According to the source, EU sanctions have led to difficulties with the supply of timber and precious stones. More significant difficulties are mainly related to global events – the conflict between Russia and Ukraine and Moscow’s actions in response to the sanctions, the Bloomberg source said. But the EU is taking measures to mitigate the economic impact of sanctions and Russia’s military operation in Ukraine: more than 150 national measures totaling 525.5 billion euros had been approved as of the end of November, a Bloomberg source said, citing a report.

The EU is trying to clarify or even change the sanctions regime so that it doesn’t affect Russia’s food exports or overly restrict sales of its oil, the agency wrote. For example, the EU supported the idea of limiting the marginal cost of oil from Russia instead of completely banning its transportation by sea to third countries and insurance of these services.

At the same time, Europe’s economy is being affected by an energy crisis caused by a severe drop in imports of cheap gas from Russia and an embargo on Russian oil by sea since Dec. 5. Expensive energy resources threaten the competitiveness of the European economy, and measures to combat the crisis could cost 0.9% of the EU’s total GDP in 2022, Bloomberg wrote, citing a report by the European Commission.