This transcript was automatically generated and may contain errors.

Good morning colleagues. The sitting is open.

I have received from the Council its position at first reading regarding the following two files payment services in the internal markets and payment services and electronic money services in the internal market.

I have also received the reasons which led to their adoption and the Commission's positions.

The full titles will be published in the minutes of today's sitting.

The three month period available to Parliament to adopt its positions begins tomorrow, 13 November.

The next item on the agenda is the Council and Commission statements further EU sanctions against Russia in response to the escalating attacks against Ukraine,

cutting off the sources financing the Russian war.

And as always, we will begin with the Council and Minister Hain, please, the floor is yours. Thank you, honorable Members, Commissioner. Thank you for this timely debate.

Thank you, as we approach the 5th anniversary of Russia's full scale invasion,

Ukraine continues to stand and fight with our unwavering support.

We must also look at the immediate challenges ahead.

The coming months will be very difficult for Ukraine.

As winter approaches,

Russia is intensifying its attacks against civilians and civilian infrastructure.

Russia targets energy facilities, transport networks, hospitals and schools.

These attacks aim to weaken Ukraine, undermine its economy and exhaust its people. They must, however, not weaken our resolve.

Russia's ability to wage this war depends on its ability to finance it.

The European Parliament has consistently called for stronger sanctions and tougher actions against circumvention.

We share this objective, and the European Union has already taken substantial action.

Through 21 sanctions packages we have progressively restricted Russia's access to energy revenues,

financial services, technology, and goods needed by its military industry.

The 21st package adopted in July further targeted Russia's energy and financial sectors and extended restrictions against the shadow fleet.

In October, the Council went further and adopted the largest ever listings proposal,

targeting close to 100 companies and individuals linked to Russia's military industrial complex.

These measures matter,

but their effectiveness also depends on their implementation and enforcement.

Russia continues to rely on intermediaries, third countries,

and complex trade networks to circumvent our restrictions.

We must make these channels increasingly difficult and costly to use.

This is where we are focusing our efforts.

In October, the European Council called for additional measures,

in coordination with our partners to further fight circumvention and curb shadow fleet operations.

As we prepare to receive the Commission's proposal for the 22nd sanctions package,

the Irish presidency stands ready to work with Member states to make swift progress.

Strengthening unity is not just the motto of our presidency, it is also a necessity in this matter,

where the adoption of sanctions requires unanimity in the Council.

This is all the more important as Russia continues to use hybrid attacks and disinformation in an attempt to undermine our unity. But our response cannot stop at sanctions.

Increasing pressure on Russia must go hand in hand with continued support for Ukraine.

First of all, this support is military and material.

We are strengthening our military support through the extension of the EU's mandate.

And the mobilization of the EUR 6.6 billion under the European Peace Facility.

We are also helping Ukraine protect and repair its critical infrastructure through the Ukraine Energy Support Fund. Secondly, our support is financial.

Key disimbursements under the EUR €90 billion Ukraine support loan for 2026 and 2027 are underway.

We expect Ukraine to continue implementing the reforms required to receive further disimbursement under the Ukraine facility. Thirdly, our support is political.

The opening of accession negotiations,

clusters 2 and 3 on 13 October this year marked another step towards Ukraine and its European future. So our message is clear.

We will maintain our support and continue to weaken Russia's capacity to finance its war until it ends its aggression and engages in meaningful negotiations towards a lasting peace. Thank you for your attention.

Thank you very, very much, Minister Hake, and now I will give the floor to the Commissioner and Commissioner Albuquerque, please, the floor is yours. Mr. President. Honourable Members, Minister.

Thank you, in response to Russia's illegal and unprovoked full-scale invasion of Ukraine in February 2022,

the EU swiftly adopted unprecedentedly tough sanctions in close cooperation with international partners including the United States,

the United Kingdom, Canada, Australia, and Japan.

The rapid succession of the 21 packages of EU sanctions adopted since the outset of the war has resulted in an unparalleled set of measures.

Overall, the scope of the sectoral sanctions is immense,

ranging from trade, energy, and transport to finance and media.

In addition, since last autumn, the EU has been adopting additional rounds of listings at every Foreign Affairs Council.

The largest such listing package in October targeted the Russian military industrial complex and brought the total number of entities and individuals listed for undermining Ukraine's territorial integrity close to 4.

We have heavily targeted Russia's oil and gas sector, its main source of revenues, and will continue to do so.

To date,

the EU has listed more than 690 shadow fleet vessels that are barred from EU ports and services.

We have cut off large parts of Russia's financial sector,

causing it to rely on alternative payment channels, and we have introduced measures to curb those too.

So far, we have placed more than 100 Russian banks under an EU transaction ban.

Through our collective work, we have banned exports to Russia of weapons and other goods that could be used on the battlefield,

and we have suspended the broadcasting of Russian media outlets in the EU that just serve to spread propaganda. Sanctions work and Moscow knows it.

They have cost Russia over €1 trillion that it could have otherwise spent on the war.

Thank you, despite all ongoing diplomatic efforts,

Russia shows no willingness to stop its war of aggression against Ukraine.

Unable to move the front line, Russia has escalated its massive systematic missile and drone attacks against civilians across Ukraine,

aiming to cause as much terror as possible.

Moscow has also stepped up in its hybrid attacks on Europe, hoping to break our resolve. It has had the opposite effect.

The EU stands unwavering and united in our support for Ukraine as it defends its independence,

sovereignty and territorial integrity and its people from the aggressor.

At their last summit in October,

European leaders were very clear on the need to continue raising pressure so that Russia engages seriously in talks to end this war of aggression and achieve peace.

This reflects a joint understanding sanctions must be maintained and increased until there is just and lasting peace.

Therefore, the European Council called for further measures in coordination with partners to reduce Russia's energy revenues,

close loopholes and combat the circumvention of sanctions.

Honourable Members, the EU will lead the way on further sanctions on Russia,

in alignment with partners whenever possible, to maximize their impact and limit circumvention.

Coordinated pressure works best, strengthening both the political message and enforcement.

We continue working together in various formats, including the G7, to that end.

Thank you, next Monday,

EU foreign ministers are poised to adopt further listing measures on oil refineries and the shadow fleet ecosystem.

This is yet another round of hard listings targeting the malicious attempts of enablers and profiteers of Russia's war of aggression.

The EEAS and the Commission are also finalizing proposals for a comprehensive 22nd package of sanctions.

We will continue using sanctions to limit Russia's capacity to wage this war,

to strengthen enforcement of EU measures and counter their circumvention,

and to ensure accountability for violations of international law.

The support of this House to further strengthen pressure on Russia is much appreciated. Thank you.