EU sanctions cost Russia € 400 billion, says French foreign minister

On 27 January, French Minister for Europe and Foreign Affairs Jean-Noël Barrot stated that Russian leader Vladimir Putin’s regime has lost around €400 billion due to EU sanctions, Ukrinform reports. Since the start of Russia's all-out war against Ukraine in 2022, the EU has implemented a sanctions regime against Russia, targeting key sectors of its economy, such as finance, energy, technology, and luxury goods. However, Moscow has employed various tactics to bypass the restrictions, including utilizing complex financial schemes, falsifying the nature or origin of goods, and relying on third-country jurisdictions that have not adopted similar sanctions. Nevertheless, Barrot emphasized that €400 billion in Russian losses due to the EU's sanctions is equivalent to three years of Russian war funding against Ukraine, adding that these economic measures would continue. He also announced that the EU plans to sanction three Russian nationals—two aged 26 and one aged 45—responsible for cyberattacks aimed at destabilizing Estonia. Furthermore, Barrot revealed that after the Council meeting, the EU would announce sanctions targeting Georgian government officials. These measures will include suspending visa facilitation for Georgian diplomats and officials, with the EU urging the Georgian government to end its crackdown on protesters, journalists, and civil society activists. The EU will also unveil a new support package for Moldova, which continues to face an energy blockade from Russia. Barrot stressed that Russia intended to disrupt Moldova’s democratic processes and electoral debates as the country seeks to join the EU. Earlier, US President Donald Trump announced that he could impose further sanctions on Russia should the country’s leader, Putin, decline to engage in peace talks. In a post on his Truth Social account, Trump called on Putin to "make a deal," warning that Russia’s economy is "collapsing" and will "only get worse." However, after the statement, Dmitry Peskov, Kremlin spokesperson, stated that Russia sees "nothing new" in Trump’s recent remarks. He stated that during his first term, Trump frequently used sanctions because "he enjoys such methods."

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