EU prepares to slap 11th package of sanctions on Russia, to focus on how earlier ones were sidestepped

New York: With very little passage of time between the last and the current lot of sanctions against Russia, the European Union is now preparing to impose its 11th package of sanctions on the country, European Commissioner for Financial Stability, Financial Services and Capital Markets Mairead McGuinness said in an interview to CNBC recently.

“Europe has rolled out 10 packages of sanctions so far. We will announce another package soon,” she said.

The European commissioner went on to add that the 11th package of sanctions will focus on circumvention of earlier measures. Russian financial institutions have worked their way around some of the sanctions imposed by the Western world last year soon after the war began in February 2022.

“We have to make sure that they don’t find ways around our sanctions,” she added.

Earlier, the European edition of the Politico newspaper reported that the European Union would begin discussing the 11th package of sanctions after Catholic Easter, celebrated last Sunday across the world.

European Commission President Ursula von der Leyen had said in late March that the 11th package of sanctions will be aimed at countering loopholes and circumvention that Russia has somehow managed.

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