EU Expands Sanctions on Russia
(MENAFN) European Commission head Ursula von der Leyen on Friday underlined the European Union’s cohesion and firm resolve in backing Ukraine’s independence.
During the European Political Community (EPC) gathering in Tirana, the capital of Albania, and alongside Ukrainian leader Volodymyr Zelenskyy, von der Leyen declared: “Europe has emerged bigger and stronger from every crisis, Europe has moved closer together in the face of these turning points in history, and Europe has stood united in its unwavering support to Ukraine.”
She emphasized the damaging financial consequences of Western sanctions on Russia, detailing how these measures have undermined the Kremlin’s capacity to fund its military operations.
“Russia's oil and gas revenues have fallen by almost 80% compared to before the war. Russia's deficit is skyrocketing. Interest rates are prohibitively high. Inflation is on the rise, well above 10%,” she noted.
Von der Leyen stressed that sanctions are not merely retributive but also an integral part of a comprehensive approach aimed at pressuring Moscow into negotiations.
“We are ready to do more to bring Putin to the negotiating table. Many of the speakers mentioned it, this war has to end … we are working on the next set of sanctions.”
She announced that the forthcoming sanctions package will focus on vital areas of the Russian economy.
“Main elements of this package will be, for example, sanctions on Nord Stream one and Nord Stream two, further listing of vessels in the shadow fleet and lower the oil price cap and more sanctions on Russia’s financial sector.”
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