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Irish Finance Minister Simon Harris said the European Union’s sanctions could reach a tipping point that forces Russian President Vladimir Putin to begin genuine peace negotiations with Ukraine, UATV English reports.
Speaking ahead of a meeting of the EU’s Economic and Financial Affairs Council (ECOFIN) in Brussels, Harris expressed hope that member states would finalize the bloc’s 21st sanctions package against Russia in the coming days.
“I very much hope that in the coming days the European Union will be able to adopt the 21st package of sanctions against Russia because, as finance ministers, we know that targeting Russia’s economy is the best way to change Putin’s calculations regarding the invasion of Ukraine,” Harris said.
He described sanctions as the European Union’s strongest leverage over Moscow, arguing that the restrictions are already having a significant impact on Russia’s economy.
“There has to come a tipping point where we force Putin to come to the negotiating table and agree to a lasting, just and durable peace for Ukraine,” Harris said.
The minister acknowledged that the Kremlin has not yet shown any signs of readiness for meaningful negotiations, stressing that economic pressure on Russia must continue to increase.
Harris also commented on an ongoing Irish investigation into an alumina refinery whose products could potentially be used by Russia’s defense industry. He said the national investigation is nearing completion, after which the European Commission will determine whether additional sanctions on the material are warranted.
According to Harris, President Volodymyr Zelenskyy was briefed on the investigation during his recent visit to Dublin for the opening of Ireland’s Presidency of the Council of the European Union.
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