EU ready to impose new sanctions on Russia: French president

BRUSSELS

The European Union is ready to impose new sanctions against Russia, French President Emmanuel Macron said on Friday following an EU leaders’ summit in Versailles.

“We are ready to impose new sanctions. All options are on the table,” Macron told reporters at a news conference wrapping up the two-day informal meeting of EU heads of state and government.

He stressed that the EU is determined to put pressure on Russia to ensure its “quick return to the cease-fire and withdrawal of troops” to end “the brutal and unjustified aggression” against Ukraine.

Energy market reforms

“Our response (to the war in Ukraine) will determine Ukraine’s and our own future,” said European Commission President Ursula von der Leyen.

She confirmed that the EU “will come forward with the fourth package of sanctions,” but stressed that the European Commission’s most urgent duty is to “ensure reliable, secure and affordable supply of energy to European consumers.”

After receiving the green light from EU leaders, the EU executive body will present in mid-May a “proposal to phase out our dependence on Russian gas, oil and coal by 2027” and “options to optimize the electricity market design so that it better supports the green transition,” she announced.

The European Commission will also draft a new guidance on electricity price regulation, as well as proposals on allowing EU member states “to tax windfall profits for energy groups” and to allow temporary state aid for struggling businesses, von der Leyen added.

Strengthening EU defense

“We woke up to a different Europe two weeks ago,” European Council President Charles Michel said at the same news conference.

He praised the final conclusions of the summit – officially named Versailles Declaration – that will “become part of the history book on European integration” since it gave mandate for the EU to reinforce its sovereignty and strategic independence in response.

On the one hand, EU leaders confirmed the need to reduce the bloc’s energy independence on Russia and requested the European Commission to work on plans to accelerate the transition to renewables and to diversify the bloc’s energy supply.

They also gave the main political guidelines to reinforce the EU’s strategic independence, especially in the field of critical raw materials, semi-conductors, healthcare, and food supply.

On the other hand, EU leaders approved to bolster the EU’s defense capabilities by “substantially” increasing defense expenditures, supporting joint military projects and procurements, investing in new capabilities, such as cybersecurity and space-based connectivity, as well as supporting European defense innovation and industry.

After their political approval, the European Commission and the EU’s foreign policy chief Josep Borrell will present the concrete measures to adopt.