EU announces 11th package of sanctions against Russia
EU commissioner Máiread McGuinness. Photo via EPA

The European Union is preparing another, the 11th package of sanctions against Russia over its war against Ukraine, the EU commissioner for financial stability, financial services and capital markets union Máiread McGuinness told US TV channel CNBC on Thursday.

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"Europe has rolled out 10 packages of sanctions. We will have another package," Ms McGuinness said, adding that the EU is seeking to ensure sanctions are implemented effectively so that it becomes harder for individuals and entities to circumvent them.

"Our information is that the sanctions are working, and we will be doing more but we need to look at full implementation," the EU commissioner explained.

"What Russia is being deprived of is both the finance and the technologies to reinvent their war machine, and they are having problems on the battlefield."

She stressed that the deeper EU sanctions were, the more impactful they were.

"Don’t underestimate the efforts that Russia will make with its pals globally to get around our sanctions — they’re affecting the Russian economy, they’re affecting the Russian war machine," Ms McGuinness stressed.

The EU official clarified that the bloc was focused on targeting individuals and entities that help Russia evade sanctions and not countries. Last year, the US named Armenia, Georgia, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan among such states.

The latest tenth package of EU sanctions against Russia was adopted on 25 February.