The meeting is not over yet, so we are still ongoing. But it is good to be in Cyprus. Thank you, Vasilis, for hosting us here, and the Defence Ministers also yesterday.
Let me start with the support for Ukraine. On the battlefield, time no longer works in Russia’s favour. Putin is losing money, men, and momentum. That is precisely why Russia is escalating its attacks on Ukrainian civilians.
Ministers’ exchange demonstrated today once again strong unity to support Ukraine and also put more pressure on Russia. The numbers speak volumes: Western sanctions have already cost Moscow an estimated $1.2 to 1.5 trillion. For next week’s Foreign Affairs Council, my services have proposed more than 80 new listings targeting Russia’s military industrial complex, human rights violators, and propagandists. Brick by brick, we are collapsing the foundations of Russia’s war economy.
Regarding practical support to Ukraine, ministers discussed the future of the European Peace Facility. As you know, Hungary is lifting its veto on the blockage of €6.6 billion, and I propose to use these funds to reimburse the Member States for the past weapons deliveries, to finance new joint procurements, and to sustain operations in the EUMAM Ukraine mission.
Ministers also looked into deepening the defence industrial cooperation with Ukraine, particularly on air defence, which is the most needed capability right now, and this must go hand in hand with facilitating production of Ukrainian systems in the European Union and establishing European companies in Ukraine.
The €90 billion loan for Ukraine is ready to roll out, and the first €5.9 billion payout is going to be for drones this month. As we allocate funding, Ukraine’s needs are the ultimate priority.
Then, on the Middle East, Israel and Iran exchange fire overnight. The region is stuck in phases of peace talks and fragile ceasefires. A return to full-scale war would come at tremendous costs to the entire region. All sides must come back to the negotiation table.
Freedom of navigation is under heavy pressure globally, as we see most acutely in the Strait of Hormuz. Tehran actively, effectively closed the Strait, and its drones continue to threaten the maritime traffic. Ministers were clear today that Iran’s actions are unacceptable.
In response, EU Member States in Brussels today approved sanctions against the Iranian individuals and entities involved in disrupting the transit through the Strait of Hormuz. This is the first time, the EU has applied its new freedom of navigation sanctions regime, and where necessary, will apply it again.
Our Operation ASPIDES is making a crucial contribution protecting shipping in the Red Sea.
The latest threat by Houthis to target ships also in the Red Sea shows how important this mission is. I have also proposed, once the conditions permit, that ASPIDES could contribute also to the Franco-British Coalition in the Strait, and based on the discussions today, we will continue to work on this proposal.
Now, when it comes to countering Russia’s shadow fleet, the lesson is that concerted action works. Over the past months, our measures have made these shady operations harder, riskier, and more costly. For example, France and Sweden recently boarded tankers, and our EU naval Operation IRINI has begun boarding shadow fleet vessels under updated rules of engagement.
Every vessel seized, detained or disrupted means less revenue for Russia to finance this war.
After this press conference, hopefully we will have also a chance to discuss the European Security Strategy.
And finally, just a few words on the elections in Armenia. The vote took place under heavy Russian pressure and economic coercion. The Armenian people have made it clear that they have made their democratic commitment to peace and also closer ties with Europe. The EU is preparing an economic support package for Armenia, and we will continue to be its partner.
So, thank you again, dear Vasilis for hosting us today.