European Union Proposes Unprecedented Sanctions on 1,600 Firms Aiding Russia
On July 29, 2026, the European Union unveiled a proposal to sanction a record 1,600 companies accused of supporting Russia's military-industrial complex. The package, the largest in the bloc's history, targets firms with a combined annual turnover of $20 billion. This initiative aims to squeeze Moscow's economy as Russia revises its 2026 growth projections downward. The proposal requires unanimous approval from member states and specifically targets entities helping Russia evade existing restrictions on military hardware and technology.
Date: July 29, 2026
Location: Brussels, Belgium
Conflict: Russia-Ukraine War
Category: sanctions
Severity: HIGH
Source: Insurance Journal