European Commission to propose 12th sanctions package against Russia ‘very soon’

The European Commission soon will propose the 12th package of sanctions against Russia.

The relevant statement was made by President of the European Commission Ursula von der Leyen during a joint press conference with President of Ukraine Volodymyr Zelensky in Kyiv, an Ukrinform correspondent reports.

“We will continue to make Russia pay for its war of aggression. Our existing sanctions have deeply affected the Russian economy. Very soon, we will propose to Member States our 12th package of sanctions. There will be new listings, to hold accountable those who are involved in the military invasion and occupation of the country, but also those who are involved in the brutal abduction of children, and those who are involved in fake news and propaganda,” von der Leyen noted.

In her words, the sanctions package will also include new import and export bans, and actions to tighten the oil price cap. Finally, the European Commission will further crack down on sanctions circumvention in a close cooperation with G7 partners.

“Overall, Russia has to pay a price for the devastation and destruction it has caused. And in this context, there is another example, this is the topic of the proceeds of the EUR 200 billion of immobilised Russian sovereign assets in Europe. The proceeds  are accumulating every day. We believe that these profits should go in rebuilding Ukraine. And this is why the Commission will now come very soon with a proposal that allows this to happen,” the President of the European Commission emphasized.

A reminder that, on November 8, 2023, the European Commission is expected to present its report on Ukraine’s progress in implementing the key reforms.