The European Union plans to propose its largest sanctions against Russia in the coming months. Kaja Kallas, the EU's foreign policy chief, shared this information in an interview with Die Welt. She said the new sanctions will increase the total number of sanctioned Russian entities by one-third. This would raise the total to about 4,000 individuals and companies since the war in Ukraine began in 2022.
Key Details
Kallas highlighted that the EU's sanctions have already caused significant economic harm to Russia. She estimates the cost at over €1 trillion (around $1.16 trillion). The upcoming sanctions will target Russia's military-industrial complex. The goal is to further limit Moscow's ability to fund its operations in Ukraine. The proposed measures are likely to include travel bans, transaction restrictions, and asset freezes affecting around 1,600 new individuals and entities.
Background
Kallas acknowledged that past sanctions efforts have met resistance from some EU member states. The most recent sanctions package faced delays from Greece, which wanted exemptions for Russian liquefied natural gas shipments. So far, the EU has implemented 21 sanctions packages, freezing over €28 billion in private assets within the bloc.
The proposed sanctions could affect sectors tied to Russian exports, especially energy and military supplies. These measures aim to increase pressure on Moscow, which may influence global energy prices and supply chains. Investors are waiting for the EU's formal announcement of the new sanctions listings, expected later this autumn.
Based on reporting by: scmp.com, euronews.com