The European Union (EU) is launching a new project to help make sanctions against Russia more effective. Nine countries participate in the project: Czech Republic, Cyprus, Denmark, Hungary, Lithuania, Malta, Romania, Slovenia and Spain.
These states are expected to find gaps and inconsistencies in the sanctions. This was reported by Bloomberg.
The new initiative is seen as a predictor of the creation of a joint EU body for the application of sanctions. However, it is national governments that are responsible for implementing sanctions.
The project is expected to operate for two years, starting in June 2023. In fact, this will be the first time that the EU executive body supports member states in enforcing sanctions on such a scale, the agency notes.
“The group will draw up a map of the authorities responsible for freezing assets … And the European Commission will provide an expert assessment of its financial services group and will reimburse the costs of additional support from the Council of Europe,” the message says.
As GLOBAL HAPPENINGS reported, Russian President Vladimir Putin admitted that the sanctions imposed against the country are in effect. According to him, soon the Russian economy is experiencing the negative impact of restrictions. Although quite recently the owner of the Kremlin assured that Russia only benefited from breaking ties with the West.
Source: Obozrevatel
I am a journalist who writes about economics and business. I have worked in the news industry for over 5 years, most recently as an author at Global Happenings. My work has focused on covering the economy news, and I have written extensively on topics such as unemployment rates, housing prices, and the financial crisis. I am also an avid reader and have been known to write about books that interest me.
