EU's Costa Expects New Sanctions Against Russia Tomorrow

Costa addressed the annual conference of EU ambassadors, emphasizing the need for increased pressure on Russia, which he claimed is currently benefiting from escalations in the Middle East. He pointed out that Russia continues to undermine Ukraine's positions while evading international law.

The rising energy prices provide Moscow with additional resources to fund its war against Ukraine, while the shifting focus toward the Middle East conflict detracts attention from the ongoing situation in Ukraine. He reminded attendees that Russia's military aggression has persisted for over four years and constitutes a significant violation of the United Nations Charter.

Costa assured that the EU remains steadfast in its support for Ukraine across all fronts, including financial, political, diplomatic, security, and reconstruction efforts. He noted that in December, the European Council approved a significant joint loan of €90 billion, backed by the EU budget, to meet Ukraine's financial needs over the next two years.

"We will fulfill this commitment taken by all leaders," Costa stated, as he reinforced the urgency of maintaining pressure on Russia to agree to a just and lasting peace that respects Ukraine's sovereignty and does not compromise Europe's security. He expressed hope that sanctions currently in place would be extended and that a new package of sanctions would be confirmed in the coming days.

In light of the recent developments in the Middle East, Costa urged all parties involved to show maximum restraint and return to negotiation tables. He highlighted the importance of allowing Iranian people the right to determine their future while maintaining that human rights and freedoms must be upheld.

"Freedom and human rights cannot be achieved through bombs," he said, stressing that adherence to international law is essential. Costa warned of the serious consequences of escalating tensions, both economically and geopolitically, citing the blockade of the Strait of Hormuz as a significant concern.

As the EU's Economic and Financial Affairs Council convenes to discuss the next steps, the issue of Hungary's blockage of the €90 billion credit, agreed upon by all 27 EU leaders last December, remains a focal point of debate.