Budrys in Copenhagen: breaking the aggressor’s war financing mechanisms is the only way forward for peace

On 30 August in Copenhagen - the capital of Denmark, which currently holds the presidency of the EU Council - EU foreign ministers gathered for informal discussions on using frozen Russian assets to support Ukraine, tightening sanctions against Russia, stopping the shadow fleet, and providing security guarantees and support for Ukraine.

In an informal discussion, the Acting Minister of Foreign Affairs Kęstutis Budrys, presented Lithuania's proposals on using Russia's frozen central bank assets for Ukraine, suggestions on the 19th sanctions package, and the beginning of Ukraine's EU accession negotiations.

"The only way forward is not onlyjust to maintain but to increase pressure on Russia by breaking its war financing mechanisms. We will achieve this only by tightening sanctions on Russia's strategic sectors through which the Kremlin finances its aggression, including gas and oil exports, the shadow fleet, the banking and financial sectors, and other areas that strengthen the aggressor's military capabilities," the Minister said.

Lithuania's proposal for the 19th package of EU sanctions includes a total ban on exporting dual-use and high-tech products to Russia. It proposes further lowering the global oil price cap, sanctioning four major gas and oil companies - Lukoil, Rosneft, Gazprom, and Novatek - all Russian banks, the remaining 'shadow fleet' vessels, restricting their cargo services, access to the cloud computing, banning cooperation with Russian entities in scientific research, and other measures.

The meeting also discussed the role of the EU in ensuring security guarantees for Ukraine. One of the essential elements - Ukraine's strong, high-readiness armed forces, which can be supported through EU military training missions.

According to the Minister, Ukraine's EU membership is the strongest security guarantee that Europe can provide. Thus, there is an urgent need to immediately open the first negotiating clusters for EU accession, and, by the end of this year open the remaining ones as well as identify 2030 as the target year for Ukraine's EU membership.
The EU foreign ministers also discussed the situation in the Middle East, the humanitarian situation in the Gaza Strip, the EU decision-making process, and the possibility of applying qualified majority voting to Common Foreign and Security Policy (CFSP) decisions.