The bloc says it will be imposing measures on 70% of Russia’s banking industry in response to military action in Ukraine
The European Union (EU) has announced sanctions aimed at derailing Russia’s oil, banking, technology, and airline industries. The move would also target the Russian elite’s money in Europe, stripping diplomats and businessmen of preferential access to the EU.
In response to Russia’s military action in Ukraine, European Commission President Ursula von der Leyen on Thursday announced a package of sanctions with the stated goal of cutting “Russia’s access to the most important capital markets.”
“We are now targeting 70% of the Russian banking market, but also key state-owned companies, including the field of defense, and these sanctions will increase Russia’s borrowing costs, raise inflation, and gradually erode Russia’s industrial base,” von der Leyen declared on Thursday, revealing that the EU was “also targeting the Russian elite by curbing their deposits so that they cannot hide their money anymore in safe havens in Europe.”
Financial sanctions, technology curbs and visa restrictions.
European Commission President Ursula von der Leyen outlines the bloc's sanctions on Russia for attacking Ukraine https://t.co/rkelnKw5d8 pic.twitter.com/fvVpUjsNs4
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The European Union will also work to make it “impossible for Russia to upgrade its oil refineries” and to “ban the sale of all aircraft spare parts and equipment to Russian airlines” in an effort to “degrade the key sector of Russia’s economy and the country’s connectivity,” von der Leyen revealed, noting that “three-quarters of Russia’s current commercial fleets were built in the European Union, the US, and Canada.”