EU Sanctions Package Expected to Target Russian Banks and Military-Industrial Companies
The European Union is preparing to unveil its 21st sanctions package against Russia, which is expected to target Russian banks, financial institutions, and military-industrial companies, according to seven EU officials and diplomats with knowledge of the discussions. The package is likely to be announced in late June or early July.
The sanctions will also target firms selling stolen Ukrainian grain, as well as senior members of the Russian Orthodox Church, including its leader Patriarch Kirill, a close ally of Putin’s who has lauded the Ukraine invasion. This move comes after Hungary’s government change, which officials see as an opportunity to revive previously blocked sanctions.
EU Diplomats Discuss Sanctions Package
EU diplomats are discussing the details of the sanctions package, with some officials arguing that the European Commission should revive the idea of a ban on maritime services for Russian vessels. The proposal has been blocked by Malta and Greece so far. “Following Hungarian elections, there is a new momentum” for sanctions, chief EU diplomat Kaja Kallas told reporters after a recent gathering of ministers in Luxembourg.
The EU officials are emphasizing that Russia’s economy is struggling, with one senior official describing it as the “worst internally it has been since the start of the war.” The thinking in Brussels is simple – now is the time to push for more sanctions because Russia is not doing well. Russia is experiencing a “static inflationary shock,” EU economy czar Valdis Dombrovskis suggested to POLITICO.
G7 Engagements and Bilateral Talks
The EU officials are also emphasizing the importance of maintaining pressure on Russia during their G7 engagements and bilateral talks with U.S. representatives. They believe that now is not the time to weaken pressure on Russia, as its economy continues to struggle. The sanctions package is seen as a way to maintain this pressure and further isolate Russia internationally.
The EU’s decision to target Russian banks and military-industrial companies is a significant escalation of its sanctions regime against Russia. It remains to be seen how Russia will respond to these new measures, but one thing is clear – the EU is determined to maintain pressure on Russia until it complies with international law and ceases its aggression in Ukraine.
Original Article: Putin’s shadow fleet faces fresh EU sanctions blitz — Politico