Bloomberg: The EU Is Preparing Its Biggest Blow Against The Kremlin

More than 1,600 companies could face restrictions for providing assistance to Russia.

The European Union plans to impose sanctions on more than 1,600 companies that are supporting the Russian military machine. If all EU countries back the proposal, this will be the largest sanctions package since the start of Russia’s full-scale invasion of Ukraine.

This is reported by Bloomberg, citing informed sources.

If this decision is adopted, the EU’s “blacklist” will grow by about half. Companies with a combined annual revenue of over $20 billion could be subject to the restrictions.

However, for the restrictions to take effect, they must be unanimously approved by all EU member states. And that could prove problematic. The main goal of the new package is to increase pressure on the Kremlin and limit the capabilities of the Russian military machine.

This time, Brussels is focusing not on banning specific goods or entire economic sectors, but on sanctions against specific companies that continue to support the aggressor’s military-industrial complex. Work on the document has been underway for several months.

EU officials are seeking out companies that are aiding Russia but have so far avoided sanctions. According to Bloomberg, the new package is unlikely to have as strong an impact on the Russian economy as previous sanctions against the oil industry and the banking system, but the EU intends to continue putting pressure on the aggressor.

A final decision is expected to be made during a meeting in October. At the same time, the EU is preparing sanctions related to Russia’s deportation of Ukrainian children. These sanctions may also be approved this fall.

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