EU to intensify sanctions on Russia, targeting energy and banking sectors
In the coming months, European sanctions against Russia are set to further impact its economy, said EU High Representative for Foreign Affairs Kaja Kallas, as reported by Radio Free Europe.
"Today, at the EU Foreign Affairs Council meeting, we also have an intelligence report about the real state of the Russian economy. According to this report, they are reaching a stage where they have to rely on supply chains heavily. Therefore, the impact of the sanctions will be even stronger in the coming months," Kallas stated.
The Council of EU Foreign Ministers is convening today in Brussels, with Ukrainian Minister Andriy Sybiha participating. He will brief the ministers on the situation on the front and negotiations in Istanbul. The meeting is also set to formally approve the 17th package of sanctions and start discussions on the next one.
Kallas emphasized that the European Commission will propose including restrictions on Russian oil prices, as well as targeting the energy and banking sectors, in the new sanctions package. She mentioned that Russians want Europeans to believe the sanctions are ineffective, but this is false. The Russians are skilled in propaganda, but "things are not going so well for them."
Earlier, the German government stated that Germany, along with its allies, is working on new sanctions against Russia to push Moscow to agree to a ceasefire in Ukraine. According to media reports, this week, Europe will propose to G7 finance ministers to lower the cap on Russian oil prices to $50 per barrel.