Eu Expects Renew Russia Sanctions After Hungarian Hold Up 2025 01 27
ReutersJan 27
EU Extends Russian Sanctions After Hungary Drops Objection
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Above: EU High Representative for Foreign Affairs and Security Policy Kaja Kallas holds a press conference after the EU Foreign Ministers Meeting in Brussels, Belgium on Jan. 27, 2025. Image copyright: Dursun Aydemir/Contributor/Anadolu via Getty Images
The Facts
The European Union (EU) renewed its sanctions against Russia for another six months on Monday after Hungary dropped its threat of a veto. Sanctions were set to expire on Jan. 31 without the unanimous approval of all bloc members.
A total of 15 waves of sanctions imposes by the EU since Feb. 2022 targets 2.4K individuals and assets including €210B of blocked Central Bank Russia assets, €24.9B of frozen private assets, €48B worth of banned exports, and €91.2B worth of banned imports such as crude oil, petroleum, steel, diamonds, and semiconductors.
Interest accumulated from frozen Russian Central Bank assets are also to be used to service and repay a €35B EU loan to Ukraine agreed upon last year as part of a €45B package in partnership with the G7.
The Spin
Pro-establishment narrative
The EU must extend and enforce sanctions on Russia to further undermine its war efforts and weaken its economy. Existing sanctions have already cut Russia's export revenues, but more needs to be done. Targeting key sectors like energy, finance, and technology is essential, as well as closing loopholes and ensuring strict enforcement. Continued pressure is crucial to supporting Ukraine and holding Russia accountable.
Pro-Russia narrative
Sanctions against Russia are counterproductive and harm global markets more than they weaken Russia. Despite EU restrictions, Russia has successfully redirected its liquefied petroleum gas exports to Central Asia and China, stabilizing its economy. Sanctions also provoke retaliatory measures, with Russia seizing Western assets in response. Rather than promoting peace, sanctions escalate tensions, disrupt trade, and damage the economies of both sides.
