Kallas: Western sanctions cost Russia up to $1.5 trln, 80 new listings proposed for next package
Western sanctions imposed on Russia to pressure it into ending the war it is waging against Ukraine have already cost Moscow up to $1.5 trillion, and 80 new listings have already been proposed for the upcoming sanctions package.
EU High Representative Kaja Kallas announced this on Monday in Lefkosia, Cyprus, which holds the presidency of the European Union, following an informal meeting of EU defense ministers.
She explained that the ministerial discussions once again highlighted solid cohesion regarding assistance for Ukraine and ramping up restrictive measures against Russia. She noted that the data demonstrates the impact, with Western sanctions already draining an estimated $1.2 to $1.5 trillion from Moscow. Looking ahead to the Foreign Affairs Council meeting the following week, her departments have put forward over 80 new targets focusing on the Russian defense sector, human rights abusers, and state propagandists, systematically dismantling the infrastructure of Russia’s war economy.
Kallas also recalled that Hungary is lifting its veto on blocking EUR 6.6 billion from the European Peace Facility. She suggested allocating these resources to cover member states’ previous military hardware provisions, support fresh collaborative purchasing initiatives, and back ongoing operations within the EUMAM Ukraine mission.
In addition, according to her, the ministers reviewed the deepening of cooperation with Ukraine in the defense-industrial sphere, particularly in the field of air defense, which is currently the most critically needed capability, and this must go hand in hand with facilitating the production of Ukrainian systems in the European Union and establishing European companies in Ukraine. She emphasized that a EUR 90 billion loan facility for Ukraine is prepared for distribution, with an initial installment of EUR 5.9 billion set to fund drone procurement during the current month, reinforcing that Ukraine’s operational requirements remain the primary focus during financial allocation.