EU's Costa Anticipates New Sanctions on Russia to Be Approved Tomorrow

What Happened

European Council President Antonio Costa addressed EU ambassadors, highlighting the need for heightened pressure on Russia. He pointed to Russia's ongoing military actions against Ukraine and its exploitation of international conflicts, particularly in the Middle East, to bolster its position.

Rising energy prices are enabling Moscow to fund its war efforts against Ukraine more effectively. Costa reminded participants that Russia's military aggression has persisted for over four years, representing significant violations of the United Nations Charter.

Key Details

Costa reaffirmed the EU's unwavering support for Ukraine across multiple domains, including financial, political, diplomatic, and security efforts. He noted that the European Council had previously approved a substantial joint loan of €90 billion in December to assist Ukraine's financial needs over the next two years.

"We will fulfill this commitment taken by all leaders," Costa stated, underscoring the necessity of maintaining pressure on Russia to achieve a just peace that respects Ukraine's sovereignty and European security. He expressed hope that existing sanctions would be extended and a new package confirmed soon.

Background

Given the recent developments in the Middle East, Costa called for restraint from all parties and encouraged a return to negotiations. He emphasized the right of the Iranian people to determine their future, while stressing the importance of upholding human rights.

"Freedom and human rights cannot be achieved through bombs," he stated, warning against the economic and geopolitical consequences of escalating tensions, including concerns over the Strait of Hormuz blockade.

As the EU's Economic and Financial Affairs Council prepares to discuss future actions, the ongoing blockage by Hungary of the €90 billion loan, approved by all 27 EU leaders, remains a critical issue.