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The European Commission plans to significantly expand sanctions on Russia in the coming months. The EU's foreign policy chief confirmed that the current sanctions have harmed Russia's economy by more than one trillion euros ($1.16 trillion). The new sanctions package is expected to increase the number of Russian entities under restrictions by a third and will target key sectors such as energy, financial services, and cryptocurrencies, aiming to increase pressure on Moscow to end the war in Ukraine. The timing of these sanctions has not yet been determined, but they come after EU member states approved a new package in July, which was the last one since the outbreak of the war in 2022.
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