European Commission agreed on the 7th package of sanctions against Russia

The European Commission agreed on the 7th package of sanctions against Russia. This package will increase and strengthen the sanctions already imposed in the 6th package. 

The new sanctions also include expanding the embargo on Russian gold and the ban on technology exports to Russia. 

Within the framework of the developed package, sanctions will be extended until January 2023. 

“Russia’s brutal war against Ukraine is not slowing down. That is why today we are coming out with an offer to tighten EU sanctions against the Kremlin, apply them more effectively and extend them until January 2023.

Moscow must continue to pay a high price for its aggression,” said European Commission President Ursula von der Layan.

As EU High Commissioner Joseph Borrell pointed out, the sanctions will freeze the assets of more people linked to the Kremlin.

“EU sanctions are tough and powerful. We continue to target individuals close to Putin and the Kremlin, and today’s package reflects our coordinated approach with international partners, including the G7. Along with these measures, I will also submit to the Council a proposal to sanction a large number of individuals and companies by freezing their assets and limiting their travel,” said Joseph Borrell.

Russia’s full-scale invasion of Ukraine has widely been denounced as an act of unprovoked and unjustified aggression. Several western countries are ratcheting sanctions on Russia and its Oligarchs.