Today, Maria Luís Albuquerque, Commissioner for Financial Services and the Savings and Investments Union, hosts the tenth meeting of the High‑Level Group on Union Restrictive Measures, i.e., sanctions. The meeting brings together Member States and the EU institutions to address loopholes and ensure the effective, uniform enforcement of EU measures.
As President von der Leyen has repeatedly emphasised, the EU’s commitment to a free and sovereign Ukraine is unwavering. The EU is committed to keeping up the pressure on Russia, notably by strengthening our approach to sanctions enforcement through fora such as this one.
We are strengthening sanctions in close cooperation with our G7 partners to maximise their impact, preserve unity, and limit circumvention. On 23 July, the Council adopted the 21st package of sanctions. This package is yet, once more, testament to our continued unity and support to Ukraine.
Consistency with the sanctions packages is paying off. Key indicators continue to point to undeniable cracks, beneath Russia’s apparent resilience, and to the key role played by sanctions. Growth in the Russian economy has slowed down markedly, from 4.9% in 2024 to 1% in 2025, and is expected to remain subdued in 2026 and 2027, at near‑stagnation levels. High inflation and interest rates, together with the increase in taxes, the risk of nationalisation and uncertainty, had led to a prolonged investment freeze.
Proper implementation remains key for sanctions effectiveness, and joint work is crucial to ensure that our measures are not jeopardised by the attempts of enablers and profiteers of Russia’s war of aggression. Maintaining sanctions remains critical to limiting windfall revenues, especially as persistently high oil prices linked to the Middle East crisis could ease pressure on the Russian economy.
During the morning session, participants will take a close look at emerging threats, such as the use of crypto assets to circumvent sanctions. The European Anti‑Fraud Office’s (OLAF) will present its work on sanctions circumvention to Member States. Finally, participants will engage in an exchange on the implementation and enforcement of EU restrictive measures and discuss best practices.
In the afternoon session, EU Sanctions Envoy David O’Sullivan will convene the eighth Sanctions Coordinators Forum, bringing together Member States and international partners from the United Kingdom, the United States, Japan, Canada, Australia, New Zealand, South Korea, Liechtenstein, Norway, Switzerland, Iceland, and Ukraine. Discussions in this session will focus on common efforts to further constrain Russia’s financing via payment networks in third countries; analysing circumvention trends and patterns in the Russian military industrial complex, as well as examining Russia’s energy exports and the operations of the shadow fleet.
Careful and close cooperation between the EU and key partners is essential to ensure that sanctions policies, implementation, and enforcement efforts are mutually reinforcing. This is why the EU brings together a broad coalition of countries to align measures at this bi‑annual event. Further information, including statements from Commissioner Albuquerque and EU Sanctions Envoy David O’Sullivan will be available following the meeting.
