The EU will be ready to discuss the potential lifting of sanctions against Moscow when peace prevails in Ukraine and it receives guarantees of further non-aggression by Russia. David O’Sullivan, the EU’s special envoy for sanctions, said.
“We will discuss the lifting of sanctions when the reasons that led to their imposition no longer exist… we are not going to do this in advance – without a settlement that guarantees Ukraine’s future security, sovereignty and freedom,” said the European Commission official responsible for sanctions policy.
O’Sullivan said he was unaware of potential attempts by the Kremlin to reach out to the European Commission to raise the issue of lifting sanctions.
The official said Moscow may want Rosselkhozbank back on the SWIFT system to enable financial transactions with Europe and the United States.
“We have only seen this request. We never responded to it or considered it in principle. And it shows exactly what they would like to cancel.
I am convinced that there are many such sanctions. They would like to lift the maritime sanctions,” O’Sullivan said.
According to the official, trade turnover with Russia has fallen from 275 billion euros (before Russia’s full-scale invasion of Ukraine) to 60 billion euros. Buying and selling of pharmaceuticals and some agricultural products continues.
“This is a huge economic blow to Russia,” the special envoy for sanctions emphasised.
O’Sullivan also added that Western sanctions have not closed Russia’s access to the right components for its weapons completely, as it is building bypass routes through China in particular. However, these products are now more expensive for Russian Federation.
“We estimate that it is paying perhaps 600 per cent more for these components than it was before the war. Yes, it hasn’t completely closed Russia’s access to some of these materials. But it has made it less reliable and much more expensive,” the official concluded.
In a Kremlin statement released after the signing of the Black Sea ceasefire on 25 March, Russia said it would only adhere to the agreement if the West partially lifted sanctions imposed after it launched its full-scale invasion of Ukraine in 2022.
Several EU leaders have already rejected Moscow’s request, notably during a 27 March meeting in Paris.