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EU Prepares Largest Sanctions Package Yet Aimed at Crippling Russian War Effort
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The European Union is preparing its largest sanctions effort to date against Moscow to expand its current blacklist by one-third.
European Union top diplomat Kaja Kallas stated that European restrictions have already cost Russia over €1 trillion ($1.08 trillion), while the previous 21st package enacted on July 23 designated 170 entities and 48 individuals—including major banks, cryptocurrency networks, oil traders, energy sector assets, and shadow fleet vessels—bringing total listings close to 3,000, as reported by Die Welt.
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"If it is adopted, the number of sanctioned Russian individuals, companies, and organizations will immediately increase by a third. Pressure must be increased until Russia stops the war," Kallas stated.
Although details of the new restrictions remain undisclosed, Kallas noted that the introduction of a Russian sanctions bill in the US Senate, initiated by the late Senator Lindsey Graham, "gives hope for alignment between Europe and the United States."
Insiders cited by Bloomberg in late July indicated that the European Union intends to target more than 1,600 additional companies connected to Russia. These businesses generate over $20 billion in combined annual revenue and employ 265,000 workers.
The prospective restrictions are set to target previously unlisted enterprises within the Russian defense-industrial complex. However, reports suggest the financial strain of this upcoming round will prove less severe than earlier measures against banking institutions and oil exports.
European Union foreign ministers are scheduled to review and potentially approve the package during their meeting in October.
Previously, Kallas announced that EU naval forces operating in the Mediterranean have been granted the authority to board vessels suspected of being part of Russia’s shadow fleet.
The move falls under the framework of the European Union’s Mediterranean naval mission, Operation IRINI. Kallas said the mission has revised its rules of engagement, enabling participating forces to conduct inspections of ships.
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