The European Union does not plan to significantly expand sanctions against Russia for its invasion of Ukraine, The Financial Times reported Thursday, citing unnamed EU officials.
Further penalties on Russia’s economy would likely meet vetoes EU member states that “can’t live without” Russian industries like nuclear energy, according to the newspaper.
“We are done,” the FT quoted one EU official as saying ahead of informal talks on more rounds of sanctions that are due to begin this week.
“If we do more sanctions, there will be more exemptions than measures,” the official added.
In tandem with the United States, the EU has imposed 10 packages of sanctions on Russia since the Kremlin ordered tanks over the border in February 2022, targeting broad swathes of the Russian economy and political elite.
Brussels has frozen 321.5 billion euros ($350 billion) of state and personal assets and cut $150 billion in bilateral trade flows with bans on oil imports and exports of technology, machinery and electronics.
But the FT report suggested that any further measures will likely be limited to closing loopholes in existing measures and expanding the list of 1,500 people and 200 entities subject to asset freezes and travel bans.
Recent demands, supported by Germany, to ban Russia’s nuclear fuel and services exports will likely meet pushback from France, Hungary and other EU members, the FT reported.
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