“We need tough sanctions [against Russia], but we also need honesty to our people that it costs not only to that side but to our growth as well. We need to prepare citizens if we are to introduce even tougher sanctions,” Martin Schulz said at the Cohesion Forum in Brussels on Tuesday.
The Union’s citizens feared that new sanctions might deepen deflation or even trigger a new financial crisis, he said.
“We need to return to sustainable budget and structural reforms,” Schulz said.
This week, the EU has formally approved new sanctions against Russia’s energy and defence industries, which will come into effect once published in the Official Journal of the European Union.