Statement by President von der Leyen with HR/VP Kallas on the 18th package of sanctions against Russia

Let me continue on the topic of sanctions. We want peace for Ukraine. Despite weeks of diplomatic attempts, despite President Zelensky’s offer of an unconditional ceasefire, Russia continues to bring death and destruction to Ukraine. Russia’s goal is not peace, it is to impose the rule of might. Therefore, we are ramping up pressure on Russia. Because strength is the only language that Russia will understand. The Russian economy is deeply affected by the sanctions. 210 billion EUR of reserves of the Central Bank of Russia are immobilised. Russia’s oil and gas revenues have fallen by almost 80% compared to before the war. Its deficit is skyrocketing. Interest rates are prohibitively high. Inflation is on the rise, well above 10%. The price of importing technologies and critical goods is six times higher than before the war and compared to global average prices. In short, Russia's economy is limited to a war economy and sacrificing future prospects. Our message is very clear: this war must end. We need a real ceasefire, and Russia has to come to the negotiating table with a serious proposal. As it is up to today not showing willingness to achieve peace, we will step up pressure on Russia, including through further robust sanctions. Therefore, we are now proposing an 18 th package of hard-biting sanctions. We are targeting two sectors. Russia’s energy sector. And Russia’s banking sector. We are widening export bans and controls, and we are strengthening the anti-circumvention...