Kallas: ‘Western sanctions have already cost Moscow an estimated $1.2 to $1.5 trillion’

“On the battlefield, time no longer works in Russia’s favour. Putin is losing money, men, and momentum. That is precisely why Russia is escalating its attacks on Ukrainian civilians,” EU High Representative Kaja Kallas told journalists after an informal meeting of the EU Defence Ministers in Cyprus, held on 8 June.

Among other things, ministers discussed support for Ukraine and putting more pressure on Russia.

Kallas said Western sanctions had already cost Moscow around US$1.2 to US$1.5 trillion. For next week’s Foreign Affairs Council, Kallas proposed more than 80 new listings targeting Russia’s military industrial complex, human rights violators, and propagandists.

“Brick by brick, we are collapsing the foundations of Russia’s war economy,” Kallas said.

Regarding practical support to Ukraine, ministers also discussed the future of the European Peace Facility. As Hungary is lifting its veto that was blocking €6.6 billion, Kaja Kallas proposed to use these funds to reimburse Member States for past weapons deliveries, to finance new joint procurements, and to sustain operations in the EUMAM Ukraine mission.

Ministers also looked into deepening defence industrial cooperation with Ukraine, particularly on air defence.

Kallas also said the €90 billion loan for Ukraine was ready to roll out. “The first €5.9 billion payout is going to be for drones this month. As we allocate funding, Ukraine’s needs are the ultimate priority,” Kallas concluded. 

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