EU to Implement Major Expansion of Sanctions Against Russia in Autumn 2024
EU Plans and Details on Upcoming Russian Sanctions
FRANKFURT/BRUSSELS, Aug 17 (Reuters) - The European Union intends to significantly expand sanctions against Russia in the coming months over its war in Ukraine, the bloc's foreign policy chief, Kaja Kallas, told a German newspaper.
Impact of Current and Proposed Sanctions
"EU sanctions have already cost Russia dearly, depriving Russia's war machine of over €1 trillion ($1.16 trillion) and for autumn I am putting forward the most far-reaching sanctions listings since the start of the war," she told Die Welt.
"Once adopted, they would immediately raise the total number of sanctioned Russian entities by a third. The pressure must keep growing until Moscow ends its war," said Kallas, who leads the European External Action Service (EEAS) - the EU's diplomatic service.
Scope and Targets of the New Sanctions
She did not elaborate on timing or details of the new designations, but EU diplomatic sources later told Reuters the EEAS would propose about 1,600 individuals and entities based in Russia and focused on Moscow's military industrial complex.
The designations will include travel and transaction bans as well as asset freezes, they added. The EU has already listed nearly 3,000 people and companies.
Timeline and Approval Process
New List Set to Be Presented in September
NEW LIST SET TO BE PRESENTED IN SEPTEMBER
The EEAS is expected to present the new list to EU countries in early September with an aim to adopt them in October, the sources added. The listings are not expected to be accompanied by sectoral measures - under the European Commission's purview - as part of an effort to speed up their adoption.
Unanimous Approval and Recent Negotiations
EU sanctions must be approved unanimously. Traditional EU packages against Russia, which combine sectoral measures and full designations, have frequently become dogged by lengthy disputes. During negotiations for the latest 21st package, Greece raised an issue over a forthcoming ban on Russian liquefied natural gas transfers.
The package was approved in July, imposing curbs on the country's banking sector and cryptocurrency networks.
Additional Sanctions and Human Rights Violations
The EEAS also expects to propose more listings in September on those involved in trafficking Ukrainian children under the framework of human rights violations and later in the autumn, more designations related to Russia's hybrid activities such as cyberattacks and misinformation campaigns.
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(Reporting by Christoph Steitz in Frankfurt and Julia Payne and Lili Bayer in Brussels;Editing by Nia Williams and Helen Popper)