The European Union has agreed to provide around 500 million as military aid to Ukraine in the ongoing Ukraine-Russia crisis. The Foreign Ministers of all the nations of the European Union have unanimously agreed to provide aid to the war- torn nation.
The sanctions against Russia will be further tightened in order to reduce the revenue of the Russian economy. The countries have agreed to ban gold imports from Russia. They are also planning to reduce the loopholes in the current sanctions.Â
The announcement came after Ukraine’s foreign minister Dmytro Kuleba released a video on the latest developments in the war front. The extensions of the sanctions will also be amended because the war doesn’t seem to stop soon.Â
This is the fifth tranche of military assistance to the war-hit Ukrainian army by the European Union. They have already provided assistance worth 2.5 billion Euros.Â
More on the Ukraine-Russia crisis
The European Union has already put six packages of sanctions against Moscow because Russia is not acceding to their request to stop the war. These measures are said to target around twelve hundred individuals and around hundred Russian entities. It also aims to target many sectors of the Russian economy.Â
G7 countries were closely involved while framing these transactions. Around forty countries that were neutral earlier, have followed suit. They have put the same or nearly similar sanctions on trade with Russia.Â
But the common man is questioning the validity of the sanctions due to many reasons. The war doesn’t seem to end but people are bearing the brunt of the sanctions. The cost of energy has risen across the whole world and trade is becoming difficult.Â
There is a surge in the price of other essentials like wheat and cooking oil that were earlier imported from Russia and Ukraine. People feel that the side effects of the sanctions are greater than the pressure it creates on Russia.
