29.6 C
New York

EU to Propose Limited Sanctions For Two-Year Mark Of Russian War

Published:

EU to Propose Limited Sanctions For Two-Year Mark Of Russian War

(Bloomberg) — The European Union is poised to propose a modest sanctions package ahead of the two-year anniversary of Russia’s invasion of Ukraine that will fall short of some of the bloc’s previous measures.

Most Read from Bloomberg

The package, which would be the 13th since the invasion, will include proposals to list dozens more individuals and entities as well as a small number of measures focused on Moscow’s continued ability to get its hands on western technologies, according to people familiar with the matter.

EU ambassadors were informed of the details over the weekend, said the people, who spoke on condition of anonymity. New economic restrictions are also in the works but are unlikely to be ready by the Feb. 24 deadline. Measures are being coordinated with Group of Seven allies, with each expected to release their own sanctions package ahead of the anniversary.

Separately, the EU is also hoping to finalize and adopt a plan for providing Kyiv with fresh economic aid after the bloc’s leaders agreed to a multi-annual €50 billion ($54 billion) support package last week. That assistance is fast becoming critical as tens of billions of dollars in US aid continues to be blocked in Congress.

A small group of member states had been pushing the EU to expand its sanctions to more sectors and industries, including nuclear, liquid natural gas and metals, but some of those measures have long been resisted by several capitals.

Much of the EU’s recent focus has been on enforcing existing restrictions as Russia continues to find ways to import key technologies that it uses in weapons or needs to build them. The bloc is also progressing with plans to apply a windfall tax to the profits generated by frozen Russian Central Bank assets.

Most Read from Bloomberg Businessweek

©2024 Bloomberg L.P.

Related articles

Recent articles

spot_img