In response to Russian President Putin’s unprecedented and unprovoked military attack against Ukraine, the EU is responding by adopting a comprehensive and robust package of restrictive sanctions. The European Union has agreed to impose a range of sanctions on Russia, including curbs on Moscow’s ability to raise capital on the EU’s financial markets, European Commission President Ursula von der Leyen.
Russian banking system
70% of the Russian banking system (in assets), government and key state-owned companies, will no longer be able to refinance in EU capital markets. Banning exports of specific refining technologies, adding to the existing oil equipment ban from 2014, will make it harder and more costly for Russia to upgrade its oil refineries.
Airspace, maritime and transport sector
Ban on exports, sales, supply or transfer of all aircraft, aircraft parts and equipment to Russia. Ban on the provision of all related repair, maintenance or financial services. Closure of EU airspace to all Russian-owned, registered or controlled aircraft, including private jets of oligarchs. Restrictions on the export of maritime navigation goods and radio communication technology.
Three quarters of Russia’s current commercial air fleet were built in the EU, the US and Canada. This means that Russia will not be able to maintain its fleet to international standards.
President Von der Leyen said the new package includes sanctions that “directly target individuals and companies involved in these actions,” as well as “banks that finance the Russian military apparatus and contribute to the destabilization of Ukraine.” “We are limiting the Russian government’s ability to raise capital on the EU’s financial markets. We will make it as difficult as possible for the Kremlin to pursue its aggressive actions,” von der Leyen said.
Von der Leyen said EU members had reached a “political agreement” on the sanctions and would now “quickly finalize” the package. The EU will also ban trade with the breakaway regions in Ukraine as part of the measures, according to the Commission president.
New EU sanctions cut-off certain Russian banks from SWIFT and prohibit certain investments in Russia.
EU has to be united on massive sanctions on Russia
Polish PM says EU has to be united on massive sanctions on Russia. Polish Prime Minister Mateusz Morawiecki said Russian President Vladimir Putin was destabilising the whole of Europe with his decision to invade Ukraine, adding the European Union should be united around “massive sanctions” targeting Putin and Russia.
Ireland supports ‘strongest possible’ sanctions as Martin criticises ‘immoral’ actions of Putin!
Speaking in Brussels, Martin said that Ireland supported the “strongest possible” sanctions on Russia. “We will support the imposition of comprehensive and severe sanctions on Russia, sanctions that reflect the grave nature of the assault on the Ukrainian people.
Sanctions is the only political solution we have for the moment!
Xavier Bettel, Prime Minister of Luxembourg: Sanctions is the only political solution we have for the moment! At the upcoming extraordinary summit, the leaders of the EU member states will not only approve a package of new sanctions against Russia, but will also decide on further support for Ukraine, said European Council President Charles Michel.
Belgian PM wants Putin on the sanctions list.
The Belgian Prime Minister is satisfied with the addition European sanctions against Russian that were agreed at Thursday’s European Council meeting. “It’s necessary to tighten the net around the elite in Moscow as much as possible. The Ukranians never wanted this war. We need to hit where it hurts”. The Belgian Government has already agreed to send protective material and humanitarian aid to Ukraine. “With our partners we are looking at how we can get that material there is the best way possible”.