The proposal, which needs approval from the European Parliament and the EU's 27 member states, aims to impose jail terms of at least five years on individuals who would break EU sanctions.

“While the Russian aggression on Ukraine is ongoing, it is paramount that EU restrictive measures are fully implemented and the violation of those measures does not pay off,” the commission said.

The Commission proposal sets out common EU rules, which will make it easier to investigate, prosecute and punish violations of restrictive measures in all Member States alike.

After Russia invaded Ukraine on February 24^th, Ursula von der Leyen, the president of the European Commission, announced “massive” EU sanctions to be adopted by the union. The sanctions targeted technological transfers, Russian banks, and Russian assets.

Josep Borrell, the High Representative of the Union for Foreign Affairs and Security Policy, stated that Russia would face “unprecedented isolation” as the EU would impose the “harshest package of sanctions [which the union has] ever implemented”. He also said that “these are among the darkest hours of Europe since the Second World War”.

President of the European Parliament Roberta Metsola called for “immediate, quick, solid and swift action” and convened an extraordinary session of Parliament for 1 March.

In May, the European Commission proposed and approved a partial ban on oil imports from Russia, part of the economic response to the Russian invasion of Ukraine.

European sanctions are imposed according to Decision 2014/145/CFSP of the European Council and EU Regulation 269/2014, which authorize the freezing of assets.

Josep Borrell said he wants EU countries to confiscate frozen foreign-exchange reserves of the Russian central bank —which amount to over $300 billion— to cover the costs of rebuilding Ukraine after the war.

Russian Deputy Foreign Minister Alexander Grushko remarked that Borrell's initiative amounted to “complete lawlessness” and said it would hurt Europe if adopted. (ILKHA)