The European Union and the UK have significantly expanded sanctions against Russia, but critics argue that their impact is undermined by European companies that continue to maintain profitable operations in Russia.
For instance, TotalEnergies and other European-linked businesses retain economic exposure to Russia, although such activity does not constitute a sanctions violation.
The next phase of sanctions should target this regulatory blind spot, with greater scrutiny of European companies.
Since 2022, the UK government has sanctioned over 3,400 individuals, entities, and ships under the Russia sanctions regime.
While Russia has made it difficult for European institutions to exit, regulatory pressure and exit roadmaps exist.
TotalEnergies, for example, has kept its stakes in Russia's largest LNG plant, but these holdings no longer appear in the company's official consolidated reporting.
