The EU is preparing a record-breaking package of sanctions against more than 1,600 Russian companies — media reports

The European Union is preparing a package of sanctions against more than 1,600 companies that, according to Brussels, are supporting Russia’s military operations in Ukraine, Bloomberg reports, citing sources. This is a record number of entities subject to restrictions under a single package, the agency notes.

The combined annual revenue of these companies exceeds $20 billion, and they employ more than 265,000 people, sources told the agency. If the package is approved, the number of organizations subject to EU sanctions since the start of the war will increase by 50%. For the restrictions to take effect, unanimous consent from all EU countries will be required.

Unlike previous sanctions targeting Russia’s oil industry and banking system, the new package is aimed at specific companies. The package is being prepared by the European External Action Service (EEAS), and work on it has been underway for several months, sources told Bloomberg. An EEAS spokesperson declined to comment.

Sources said the package is expected to be adopted in October at a meeting of EU foreign ministers. To give European capitals enough time to reach an agreement, officials plan to circulate a draft proposal in the coming weeks.

Bloomberg notes that the new package is being discussed under challenging circumstances. When negotiating the previous, 21st package of sanctions, the EU was forced to ease a number of restrictions. For example, Greece blocked a proposal to ban the re-export of Russian liquefied natural gas to third countries. France and Italy secured a softening of the initiative to ban entry for former Russian military personnel, while other countries blocked an embargo on imports of certain types of fish from Russia.

This article was AI-translated and verified by a human editor