EU Implements Tough Sanctions on Russia, Allocating $163 Billion in Frozen Assets to Ukraine

The European Union has enacted its most significant sanctions yet against Russia after lawmakers and member states agreed on a ban covering Russian gas, liquefied natural gas (LNG), oil, and petroleum products. The move aims to cut off Russia’s access to the EU market and increase pressure on Moscow in light of its invasion of Ukraine. In addition, the bloc will allocate $163 billion in frozen Russian state assets towards supporting Ukraine.