EU plans most far-reaching sanctions package against Russia in autumn

EU foreign policy chief Kaja Kallas announced plans for a significant expansion of sanctions against Russia in the coming months, according to an interview with the German newspaper Die Welt. Kallas stated that existing EU sanctions have already inflicted substantial financial losses on Russia, with the war machine losing over €1 trillion (US$1.16 trillion).

The new sanctions, to be implemented in autumn, would represent the most far-reaching restrictions since the initiation of the conflict, potentially increasing the total number of sanctioned Russian entities by a third. Kallas emphasized that the pressure on Russia must escalate until the country ceases its war efforts. She did not provide further details on the timing or specific measures of the upcoming sanctions package.

The EU authorized its last round of sanctions against Russia in July, targeting the nation's banking industry and cryptocurrency networks in response to its actions in Ukraine.