EU Adopted a Package of New Sanctions against Russia

European leaders adopted a package of sanctions against Russia in 5 key areas - financial, energy, transport, export controls, a ban on financial exports and visa policy. This was said after the meeting, which lasted until late at night, said the President of the European Commission Ursula von der Leyen.

"President Putin has chosen to return the war to Europe, and we are currently witnessing a full-scale intervention in Ukraine", Von der Layen said. "We will hold the Kremlin responsible for this", she said. Regarding financial sanctions, she explained that they cut Russia's access to the most important capital markets:

"70 percent of the Russian banking market is targeted, as well as key state-owned companies, including in the field of defense. These sanctions will increase Russia's borrowing costs, raise inflation and gradually undermine Russia's industrial base. The Russian elite is also being targeted, whose deposits we are breaking so that they can no longer hide their money in Europe's tax haven."

Our export ban will hit oil, making it impossible for Russia to upgrade its oil refineries, which have brought it revenue of 24 billion euros in 2019, she added.

The sanctions include a ban on the export of all aircraft, as well as parts and equipment for Russian airlines. This will hit key sectors of the economy and connectivity, as 3/4 of Russian aircraft are built in the EU, the US, and Canada. Access to key technologies such as semiconductors is being restricted, and diplomats and business will no longer have privileged access to the EU.

The world is waking up in the context of war, said French President Emmanuel Macron. He added that the sanctions are also aimed at Belarus, which is an accomplice of...

Continue reading on: