The European Council (EC) on Friday (25 February) introduced sanctions against Russia due to its war effort on Ukraine.
The orders affecting Russia’s financial sector, energy sector, transport sector, export controls and ban of export financing, and visa policy are designed to have “maximum impact” on the Russian economy and political elite, said EC President Ursula von der Leyen.
Financial sector sanctions
Russia’s access to the most important capital markets will be cut off with the latest financial sanctions, according to President von der Leyen.
“We are now targeting 70% of the Russian banking market, but also key state-owned companies, including the field of defence,” she said.
“These sanctions will increase Russia’s borrowing costs, raise inflation and gradually erode Russia’s industrial base. We are also targeting the Russian elite by curbing their deposits so that they cannot hide their money anymore in safe havens in Europe.”
Energy sector sanctions
The energy sector, a key economic area, which especially benefits the Russian state will be affected by energy sector sanctions. The export ban is expected to restrict upgrade of Russian oil refineries, which contributed Russia export revenues of EUR 24 billion in 2019.
Transport sector sanctions
The third sanction will involve a ban of the sale of all aircrafts, spare parts and equipment to Russian airlines to degrade the key sector of Russia’s economy and the country’s connectivity.
“Three quarters of Russia’s current commercial air fleet were built in the European Union, the US and Canada. And therefore, they are massively depending on that,” explained President von der Leyen.
Technology sector sanctions
Limitation of Russia’s access to crucial technology will hit Russia’s access to important technologies such as semiconductors or cutting-edge technologies will affect the country’s progress of building a prosperous future.
Visa policy sanctions
Diplomats and related groups, and business people will no longer have privileged access to the European Union.
“As always, these measures are closely coordinated with our partners and allies. These are, of course, the United States, the United Kingdom, Canada and Norway, but now also joined by South Korea, Japan or, for example, Australia. Our unity is our strength. The Kremlin knows this. And it has tried its best to divide us, but it has utterly failed. It has achieved exactly the opposite. We are more than ever united and we are determined,” states President von der Leyen.
“To conclude, let me stress that these events, indeed, mark the beginning of a new era. We must be very clear in our analysis: Putin is trying to subjugate a friendly European country. And he is trying to redraw the maps of Europe by force. He must, and he will, fail.”
Photo credit: European Union
Published: 28 February, 2022
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