Copyright © 2024

The work of Euromaidan Press is supported by the International Renaissance Foundation

When referencing our materials, please include an active hyperlink to the Euromaidan Press material and a maximum 500-character extract of the story. To reprint anything longer, written permission must be acquired from [email protected].

Privacy and Cookie Policies.

EU to approve 13th sanction set on Russia ahead of Ukraine invasion two-year mark

The new package is in the early stages of discussion and will reportedly confirm the four-year $54.5 bn funding for Ukraine.
EU sanctions, Russian invasion
Volodymyr Zelenskyy and Ursula von der Leyen at the Davos World Economic Forum on 16 January. Credit:
EU to approve 13th sanction set on Russia ahead of Ukraine invasion two-year mark

The EU is preparing additional sanctions against Russia and financial support for Kyiv before the second anniversary of Russia’s invasion of Ukraine, according to the Financial Times and Bloomberg. The measures aim to boost waning Western assistance to Ukraine as the war continues.

The package includes a 13th round of sanctions targeting Russian businesses and individuals connected to the 2022 invasion, as well as a long-delayed agreement on €50 billion ($54.5 bn) for Kyiv over four years. Some funds could be released immediately once a deal is reached, the FT reports.

In December 2023, the European Union implemented its most recent 12th sanctions package, which involved prohibiting the import of Russian diamonds, tightening controls on Russia’s procurement of military-use goods, and imposing stricter regulations on the $60-per-barrel price limit for oil.

EU adopts 12th package of economic and individual sanctions against Russia

The new EU sanctions will focus on expanding the asset freeze and travel ban list, per people familiar with the talks. Discussions are ongoing over establishing a new fund to provide Ukraine military aid. Some EU nations want to use the fund to revamp the current funding mechanism, known as the European Peace Facility.

The EU may also sanction an embargo of Russian aluminum, according to Politico. This would impact the Russian energy sector if the restrictions are approved. However, the EU’s stance on aluminum sanctions remains uncertain.

The bloc’s foreign affairs arm proposed giving the fund an annual budget of about €5 billion but has not achieved consensus among member states.

The €50 billion aid package, suggested last year, has been held up by Hungarian Prime Minister Viktor Orbán. The European Commission is now open to concessions to get Orbán’s support, including allowing him to review the aid later.

The FT reports confidence among EU diplomats that Orbán will eventually relent, as he has on past Ukraine-related measures. Part of the aid could be advanced to Ukraine quickly after approval to help it avoid economic collapse.

Read more:

You could close this page. Or you could join our community and help us produce more materials like this.  We keep our reporting open and accessible to everyone because we believe in the power of free information. This is why our small, cost-effective team depends on the support of readers like you to bring deliver timely news, quality analysis, and on-the-ground reports about Russia's war against Ukraine and Ukraine's struggle to build a democratic society. A little bit goes a long way: for as little as the cost of one cup of coffee a month, you can help build bridges between Ukraine and the rest of the world, plus become a co-creator and vote for topics we should cover next. Become a patron or see other ways to support. Become a Patron!

To suggest a correction or clarification, write to us here

You can also highlight the text and press Ctrl + Enter

Please leave your suggestions or corrections here

    Euromaidan Press

    We are an independent media outlet that relies solely on advertising revenue to sustain itself. We do not endorse or promote any products or services for financial gain. Therefore, we kindly ask for your support by disabling your ad blocker. Your assistance helps us continue providing quality content. Thank you!

    Related Posts