EU Plans New Sanctions Package Against Russia

The European Union will present a new sanctions package against Russia in the coming months, which could be the largest since the start of the war. The EU's High Representative for Foreign Affairs, Josep Borrell, stated that the sanctions have already cost Russia more than 1 trillion euros, and the new package will increase the number of sanctioned Russian entities by one-third. Borrell emphasized that pressure on Moscow must increase until it ends the war. Earlier reports indicated plans to impose sanctions on over 1,600 companies involved in Russia's war against Ukraine, which would create the largest blacklist in a single package of restrictions. The total annual turnover of these companies exceeds 20 billion dollars, and the number of employees is over 265,000. On July 23, the EU adopted its 21st sanctions package, affecting the financial sector, cryptocurrency services, oil revenues, and defense enterprises in Russia.

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