Brussels is preparing to propose a new set of sanctions on Russia in response to the ongoing conflict in Ukraine. The proposed measures include a ban on diamond exports, a move that has gained support from Belgium, an important trading hub. The EU has already imposed 11 rounds of sanctions on Russia since its invasion of Ukraine in 2022. The twelfth package of sanctions will not only expand the list of targeted individuals and entities but also introduce new export bans, with diamonds being a key focus. In addition, the EU aims to tighten the oil price cap in order to reduce Russia's revenue.

However, the implementation of these sanctions will require unanimous approval from all EU member states. The push for new measures comes at a time when the EU is struggling to secure long-term funding for weapons to support Ukraine in its defense against Russian aggression. In July, the EU's top diplomat, Josep Borrell, proposed a 4-year, 20 billion euro plan to finance arms deliveries to Kyiv. Unfortunately, the initiative has faced resistance, particularly from countries like Germany, which have been reluctant to bear the financial burden.

Borrell hopes to present a revised plan for defense funding for Ukraine at a Brussels summit in December. The EU's determination to impose further sanctions on Russia demonstrates its commitment to supporting Ukraine and holding Russia accountable for its actions. By targeting lucrative sectors like diamond exports, the EU aims to put pressure on Moscow and send a clear message that its aggression in Ukraine will not be tolerated. However, the success of these sanctions will ultimately depend on the unanimous support and cooperation of all EU member states.