Russia-Ukraine war: EU set to adopt new sanctions

The European Union is reportedly set to adopt a new round of sanctions on Russia ahead of the first-year anniversary of its invasion of Ukraine next week. The latest proposed sanctions are estimated to be worth over $11 billion in trade flows.

Diplomats in Brussels familiar with the matter said the countries under the bloc are “on good track” to adopt the latest round of sanctions on Russia in time for the first anniversary of its invasion of Ukraine on February 24. The proposed new sanctions are estimated to be worth $11.8 billion in trade flows.

“The package should be concluded well in time for February 24th, it’s on good track, there are no major sticking points,” said one diplomat.

Another diplomat said the talks on the new sanctions were mainly positive with some technical questions raised for clarification before another meeting of the ambassadors which would likely take place next Tuesday. The diplomat cited the reporting process as one of the questions raised, as well as how the process would work and the penalties for non-compliance among other aspects.

The bloc is looking at agreeing on new reporting obligations for the member countries to better track Russian assets in Europe as they look for ways to use the funds to help Ukraine in its reconstruction. The EU has so far tracked around €33.8 billion worth of Russian central bank assets in its territory, according to officials, from an estimated $300 million frozen assets outside Russia.

The bloc said its 10th round of sanctions against Russia is designed to make funding the war more difficult and deprive Russia of parts needed to build arms.

During a visit to Ukraine on Thursday, British opposition Labour Party leader Keir Starmer said a Labour government will continue to support Ukraine should the party win the national elections in 2024. The United Kingdom has been one of Ukraine’s most staunch supporters, with the governing Conservative Party strongly backing Kyiv.

“Should there be an election next year and a change of government, the position on Ukraine will remain the same,” said Starmer during a visit to Irpin outside Kyiv.