Despite previous sanctions imposed by the EU, the President believes that they have fallen short of Ukraine's expectations and that there is still room for improvement.
EU Sanctions on Russia
The EU has already imposed sanctions targeting Russia's defense and financial sectors, with the blocklisting of 1,500 people and entities deemed involved in the ongoing conflict. However, many business ties remain untouched, including Belgium's diamond trade with Russia. The 27 EU countries have largely exhausted the scope for hard-hitting economic sanctions that they can all approve of.
Call for Sanctions on Russia's Nuclear Sector
Ukraine has called for sanctions targeting Russia's nuclear sector, but Hungary has already stated that it would veto such a move. This is due to Russia's plans to expand its Paks nuclear power plant in Hungary. President Zelenskiy believes that the pace of Europe's sanctions has slowed while Ukraine's conflict continues to escalate.
EU's Response to Ukraine's Request for Sanctions
European Commission President Ursula von der Leyen confirmed that the EU would have a new package of sanctions for the first anniversary of the conflict in Ukraine. The oil price cap imposed by the EU and G7 partners is already costing Russia 160 million euros per day, and the bloc is also working on introducing a cap on petroleum products. Von der Leyen stated that Russia is paying a heavy price for its involvement in the conflict and that the EU will keep increasing the pressure.
EU States Yet to Agree on Oil Products Price Cap
The EU states are yet to agree on the oil products price cap, with Poland and the Baltic states pushing for a lower ceiling. The Czech Republic has proposed tighter tech sanctions to further limit Russia's ability to produce arms and rockets for the conflict. The EU is also working on closing loopholes and pushing back against sanctions evasion, including through Belarus.
