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Free AccessForeign Ministers Meet To Sign Off On Latest Russia Sanctions Enhancements
European Union foreign ministers meeting presently in Brussels as part of the Foreign Affairs Council. Ministers are set to approve the latest round of 'enhancements' to the sixth package of sanctions against Russia, including the implementation of a ban on the import of Russian gold. Select comments and Q&A below from EU High Representative for Foreign Affairs Josep Borrell:
- "We will discuss [...] improving the implementation of the already existing sanctions...The most important [proposal] is the ban on Russian gold, but [also] to be sure that the sanctions are effective. Because there is a big debate about “are the sanctions effective? Are the sanctions affecting us more than Russia?” Some European leaders have been saying that the sanctions were an error, were a mistake. Well, I do not think it was a mistake, it is what we had to do and we will continue doing."
- Reporter: On Ukraine, or specifically in Germany, all eyes are on Nord Stream 1 now. Is this actually a good way to impose further sanctions and to strengthen existing ones? Borrell: "...We know that Russia can use the gas as an weapon against us. And in fact, they have already been doing that, they have been decreasing the gas supply...We are not going to stop supporting Ukraine and [stop] putting the sanctions on Russia. There is a risk, certainly, there is a risk for the energy supply - everybody knows...the Commission first and after the Council will be preparing all the plans in order to be able to face any possible situation."
- Reporter: Q.How hopeful are you that there will be a deal this week in Turkey on unblocking grain exports from Ukraine?Borrell: "I think this might be the most important thing that the international community is facing...there is no food because Russia is blocking the exports of Ukrainian grains. We are doing whatever we can in order to transport these grains through other ways, through the Solidarity Lanes, through the Black Sea, through Romania, Bulgaria. But that is not enough, so I hope, and I think I have hope, that this week it will be possible to reach an agreement to de-block Odessa and other Ukrainian ports."
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.