Eurogroup President Paschal Donohoe revealed this Monday in Luxembourg that the finance ministers of the eurozone are “all in agreement and prepared” to strengthen sanctions against Russia. Donohoe made the statement after the Economy Commissioner, Paolo Gentiloni, defended that the massacre in Bucha city “justifies a new taking of measures”.
The Russian gas embargo is a possibility that “is on the table”, despite the economic impact, recognized by Brussels. “If we want to respond to this military action with economic instruments, we have to face this cost”, admitted the commissioner, stressing that “if sanctions are extended for a gas embargo, this impact will increase”.
The economics commissioner says that, for now, the European Union will not trigger the most powerful of sanctions against Russia. But there is no doubt that the Bucha massacre “justifies” proportionate action.
“The situation we are witnessing justifies further measures. We will not, for now, take measures in relation to the gas embargo. But, in the future, this is not excluded. And, it is related to the evolution of the war, and not so much whether it will affect Russia or the European Union more”, he defended.
Eurogroup President Pascal Donohoe assures that eurozone governments are “ready” to respond with new sanctions.
“The backdrop for our meeting was the horrific images of attacks carried out by Russian troops against civilians in Ukraine. We are all in agreement and are prepared to increase sanctions.” [contra a Rússia] and support for the Ukrainian people”, he assured.
On Monday afternoon, the President of the European Parliament had already defended a new round of sanctions, aimed at the Russian energy sector.
“We need to intensify our strategy of making this illegal invasion the most expensive mistake the Kremlin has ever made. The impact on Russia’s economy must be proportionate to the unprecedented atrocity we are witnessing”, defended Metsola, hoping that the private sector also understand the message.
“Our companies must seek prosperity in other markets and we will support them”, promised the president, stressing that the energy sector must also be involved in sanctions against Russia.
“Europe must accelerate a policy of zero dependence on the Kremlin, detach Europe from Russian energy supplies, implement mandatory embargoes and stop indirectly funding these bombs,” he said.