The 11th EU package of sanctions against Russia will target mechanisms of sanctions circumvention established by Russia to bypass prior packages.
11th package of EU sanctions against Russia may be agreed on, later on Wednesday, revealed a Politico report that cited five EU diplomats.
At a meeting in Brussels, permanent representatives of EU countries are in the process of finalizing the package as they resolve the remaining issues.
Similar to the latest US sanctions package against Russia, the EU package allegedly sought to target mechanisms of sanctions circumvention that Russia has established to overcome previously imposed sanctions.
However, sources told Politico that Germany has voiced concerns that the measures being discussed could negatively impact Berlin’s relations with Beijing and Ankara.
given these concerns, the initial proposal put forward by the European Commission (EC) was amended.
Hungary and Greece, despite the pressure, appeared to be ready to block the adoption of the 11th package of sanctions against Russia in an attempt to, in turn, pressure Ukraine to remove the “war sponsors” designations off their companies, Politico reported.
Russian private frozen assets reach $26 billion under EU sanctions
Citing data from the EC, the total value of Russian private assets frozen in the European Union due to sanctions has reached 24.1 billion euros ($25.9 billion), according to the German newspaper Welt am Sonntag on May 27.
The frozen assets increased from 18.9 billion euros in December to 24.1 billion euros in May, the newspaper reported, adding that approximately 1,473 individuals and 205 companies from Russia are now sanctioned by the EU.
Since the start of the war in Ukraine in February 2022, nearly half of Russia’s foreign currency reserves have been sanctioned, amounting to about $300 billion, as part of the West’s draconian sanction campaign against the country.
This comes after the EC lawyers concluded that the assets of the Bank of Russia, which had been frozen by the EU, will be returned to Moscow once the war in Ukraine ends, according to the German newspaper Die Welt newspaper last month.
The newspaper cited an unpublished EC document, which stated that the assets of the Bank of Russia “cannot be touched since once upon a time when the war ends, they will have to be returned to Russia.” EC experts have reached that “sobering conclusion” despite having claimed that “there is political will but legal barriers are high.”
The European Council previously said it had requested recommendations from the European Commission on means of using Russian assets to help in the restoration of Ukraine.
The West using frozen Russian assets to help with Ukraine’s reconstruction is a complex legal issue that will require the European Union to do a lot of work before a decision is reached, German Chancellor Olaf Scholz said on October 25.