Western sanctions imposed on Russia in order to pressure it to end the war it is waging against Ukraine have already cost Moscow up to 1.5 trillion dollars. An additional package has already proposed 80 new listings.
This was reported on Monday in Nicosia, during Cyprus’s EU Council presidency, following an informal meeting of EU defense ministers, by the EU High Representative Kaja Kallas.
“The exchange of views among ministers today once again demonstrated strong unity in support of Ukraine, as well as in increasing pressure on Russia. The figures speak for themselves: Western sanctions have already cost Moscow approximately 1.2 to 1.5 trillion dollars. For the upcoming Foreign Affairs Council next week (scheduled for June 15 – IF-U), my services have proposed more than 80 new listings targeting Russia’s military-industrial complex, human rights violators, and propagandists. Brick by brick, we are dismantling the foundations of Russia’s war economy,” she elaborated.
Kallas also recalled that Hungary is lifting its veto on blocking €6.6 billion from the European Peace Facility.
“I propose using these funds to reimburse member states for past arms deliveries, to finance new joint procurement, and to support operations in the EUMAM Ukraine mission,” the High Representative said.
In addition, she said ministers discussed deepening cooperation with Ukraine in the defense-industrial sector, particularly in air defense, which “is currently the most needed capability, and this should go hand in hand with promoting the production of Ukrainian systems in the European Union and establishing European companies in Ukraine.”
“A €90 billion loan for Ukraine is ready for disbursement, and the first payment of €5.9 billion will be directed to drones this month. When allocating funding, Ukraine’s needs are the priority,” Kallas emphasized.
