EC holds talks on sanctions implementation with EU countries and international partners

The European Commission is hosting on October 28 the eighth meeting of the ‘High-Level Group on Union Restrictive Measures’, meaning sanctions, the EC said.

The meeting will bring together high-level EC officials and representatives from EU member states to discuss enhanced coordination in sanctions implementation and enforcement.

“The EU remains united and determined in its support for a just and lasting peace in Ukraine,” the statement said.

Following Russia’s full-scale invasion of Ukraine, successive packages of sanctions have led to significant decoupling, and imposed real costs on Russia’s economy, the EC said.

EU trade with Russia has been severely curtailed: 74 per cent of pre-war EU imports from Russia (106 billion euro) and 58 per cent of pre-war EU exports (48 billion euro) to Russia (both in 2021 terms) have been eliminated.

“Beyond that, even in areas not yet subject to sanctions, Russia’s war has triggered a tangible downturn in trade and further decoupling,” the EC said.

As a result, in 2024, overall EU imports were down 77 per cent and EU exports down 65 per cent as compared to 2021.

Revenue for Russia from oil exports to Europe have gone down by 90 per cent over the past three years.

Russia’s GDP growth is predicted to fall further in 2025 to 0.6 per cent while its fiscal position is deteriorating visibly, with interest rates at 17 per cent and inflation around 8 per cent.

With the 18th and 19th sanctions packages, the EU has further tightened restrictions on Russia’s energy revenue and stepped up the fight against the shadow fleet.

So far, 557 vessels have been listed, and Russian crude oil deliveries via these vessels have decreased by 76 per cent since the listings began.

“As implementation is key for sanctions effectiveness, enforcement issues will be at the centre of today’s discussions,” the EC said.

“Member states will share enforcement ‘success stories’ and share ideas on how to tackle new trends emerging in sanctions circumvention.”

Joint work is key to ensure measures are not jeopardised by the malicious attempts of enablers and profiteers of Russia’s war of aggression, the statement said.

In the afternoon, EU Sanctions Envoy David O’Sullivan will convene the sixth Sanctions Coordinators Forum, gathering member states and international partners including the United Kingdom, the United States, Japan, Canada, Australia, New Zealand, South Korea, Liechtenstein, Norway, Switzerland, Iceland, as well as Ukraine.

Discussions will focus on common efforts to continue to fight circumvention, for instance through third country financial institutions and crypto channels.

Careful cooperation between the EU and key partners is essential to ensure that sanctions policies, implementation, and enforcement efforts are mutually reinforcing.

This is why the EU brings together a broad coalition of countries to align with its measures in this important bi-annual event, the EC said.

(Photo: EC Audiovisual Service)