The European Union Prepares to Impose the 11th Sanctions Package Against Russia

EU Commissioner for Financial Services and Financial Stability, Mairead McGuinness, confirmed that "the Union is preparing to impose the 11th sanctions package against Russia in light of its operations in Ukraine." McGuinness explained in a statement to CNBC that "the new package will aim to combat attempts to circumvent existing European sanctions. We must ensure that they will not have the means to evade our sanctions." European Commission President Ursula von der Leyen had stated that the 11th package would include measures to strengthen the existing sanctions system and prevent evasion.