An official said that the European Union will issue a new wave of sanctions against Russia

A senior European Union official told CNBC on Thursday that the European Union will unleash its 11th wave of sanctions on Russia and seek to crack down on efforts to evade economic sanctions imposed in the wake of its sweeping invasion of Ukraine.

“Europe has implemented 10 packages of sanctions. We will have another package,” Mered McGuinness, EU Commissioner for Financial Stability, Financial Services and the Capital Markets Union, told CNBC’s Jomana Perisic at the IMF’s spring meeting in Washington, D.C.

Europe Union Talks took place On the development of a new round of sanctions against Russia in recent weeks, McGuinness confirmed that the eleventh package of measures is on its way.

“Our information is that the sanctions are working and we will do more, but we need to look at full implementation,” McGuinness said. “What Russia is being denied is funding and technologies to reinvent their war machine, and they are having problems on the battlefield.”

“We have to make sure they don’t find ways to get around our sanctions, and I make it clear over and over again that the deeper our sanctions the more impact they have, the more Russia looks for those ways whether it’s other countries or different bank accounts to get around.”

In addition to imposing more sanctions on Moscow, McGuinness said, Brussels will also seek to ensure that sanctions are implemented “effectively” so that it becomes more difficult for individuals and entities to circumvent them.

“We have to make sure they don’t find ways around our sanctions,” McGuinness said. “I stress over and over again that the deeper our sanctions, the more impactful they will be.”

She added, “Don’t underestimate the efforts Russia will make with its friends globally to circumvent our sanctions – it affects the Russian economy, it affects the Russian war machine.”

McGuinness was also asked if the EU would consider penalizing countries that help Russia evade sanctions with new legislation.

Last year, the US Treasury Department published a list of countries helping Russia circumvent sanctions, which included Armenia, Georgia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan.

Instead, McGuinness said, the bloc focused on targeting individuals and entities.

“We’re changing our legislation to look at individuals involved in sanctions interference,” McGuinness said. “Certainly, when it comes to people or entities breaking the law, we’ll see that’s when we take action.”

Some countries, including Estonia and France, have it The European Union called for the punishment of the Moldovan and Georgian oligarchy He is allegedly working to help Russia destabilize Ukraine.

McGuinness said the EU is working with the United States, the United Kingdom, Canada and Japan, among other allies, to ensure sanctions on Russia are effectively implemented and gather intelligence on the country’s attempts to evade sanctions.