EU sanctions against Russia
In Paris, ministers from 27 European Union countries agreed to a package of sanctions in retaliation for the Kremlin’s recognition of the establishment of two so-called republics in eastern Donbass.
Yesterday, Josep Borrell, the EU’s head of diplomacy, told the EU countries that the agreement had been reached unanimously – and added that sanctions would be harsh.
– The 27 member states of the European Union unanimously approved the package of sanctions against Russia after the Kremlin’s decision to recognize the breakaway territories of eastern Ukraine. We have agreed on the first package of sanctions unanimously, emphasized Jean-Yves Le Drian, head of French diplomacy, which now holds the presidency of the Council of the European Union. “These sanctions will do great harm to Russia,” Le Drian added.
What sanctions has the European Union imposed on Russia?
Borrell said the sanctions, including asset freezes and visa bans, would be directed in particular against 351 deputies from the Russian State Duma (the lower house of Russia’s parliament) who had agreed to recognize the independence of self-proclaimed separatist “republics” in Ukraine’s Donbass, the so-called Donetsk People’s Republic and Luhansk Republic. popular.
– We also decided to target 27 people and entities who undermine and threaten the territorial integrity, sovereignty and independence of Ukraine – the Spaniard emphasized. He added that the European Union imposes sanctions in coordination with partners: the United States, Britain and Canada.
Le Drian meanwhile stressed that “firmness always leaves the door open for diplomacy,” adding that all Western diplomatic efforts have been lost in recent weeks. The assessment of President Putin no longer respects Russia’s signature.
Sanctions are not a miracle. They don’t act like a red light where everyone stops. But they hit the people they target. We want to be able to act as a deterrent so that we can respond if there are further actions by Russia, Borrell added, when asked by reporters, how he assessed the effectiveness of the current restrictions against Russia and why the EU has not yet decided to implement the sanctions package that was prepared in recent weeks.
Who are covered by the European Union sanctions against Russia?
According to Radio Soboda, among the 27 people covered by EU sanctions will be, among others, Russian Defense Minister Sergei Shoigu with a large group of military personnel, Foreign Ministry spokeswoman Maria Zakharova, head of the pro-Kremlin RTV channel, Margarita Simongan, and the chief of staff of President Vladimir Putin – Anton Vagno. The official list of people and institutions that have been subject to European sanctions will be announced on Wednesday.
At the same time, the German government announced that it would suspend the certification of the Nord Stream 2 gas pipeline from Russia to Germany along the bottom of the Baltic Sea, bypassing Poland and Ukraine.
EU sanctions:
- Freezing the European assets of 351 deputies of the Russian State Duma who supported recognition of the so-called Donetsk and Lugansk republics
- Ban on visas for 351 deputies of the State Duma
- Restrictions on 27 other persons and entities undermine and threaten the territorial integrity, sovereignty and independence of Ukraine
- Nord Stream 2 Certificate Suspension from Germany
- Banning the circulation of Russian treasury bonds
US sanctions against Russia
US President Joe Biden also announced that his country had imposed sanctions on Russia. The sanctions relate, inter alia, to: two large banks and trading in Russian debt. As Biden said, this is the first tranche of restrictions on Russia. He announced that sanctions would be imposed on Russian elites and their families on Wednesday, and that the United States would send additional troops to the Baltic states.
– We impose sanctions on Russia’s external debt, which means that we cut off the Russian government from foreign funding. You can no longer receive money from the West and at the same time you cannot trade your debt in European markets – said Joe Biden. “Total and crippling” sanctions will also be applied to two large Russian banks: the state-owned Vneshekonombank and the military Promswiazbank (PSB).
As Biden admitted, the US economy may feel the cost of sanctions. At the same time, he announced that he had taken steps to reduce, inter alia, the increase in energy prices. He declared that his administration “is implementing a plan in coordination with major oil producers and consumers towards collective investment to ensure the stability of global energy stocks.”
The US administration also informed that the head of the Federal Security Service, Alexander Bortnikov and his son, as well as former Prime Minister Sergei Kirienko and his son, are among the people subject to personal sanctions. Earlier on Tuesday, the US President signed a law imposing sanctions and banning trade and investment with the self-proclaimed “people’s republics” in Donbass. The regulation also gives him the right to impose restrictions on people working in their area.
The United States later received assurances from Japan, Singapore and Taiwan that these countries would support controls on high-tech exports to Russia in the event of another invasion against Ukraine, the foreign policy portal reported.
US sanctions:
- Russia cannot get loans from the West
- Russia cannot sell its debts to Western financial entities
- Two of Russia’s state-owned banks, Vnesheconombank (WEB) and military Promswiazbank (PSB), cannot conduct any financial operations with Western countries.
Great Britain sanctions against Russia
British Prime Minister Boris Johnson announced on Tuesday that Britain has imposed sanctions on five Russian banks and three oligarchs, freezing their British assets and banning them from entering the country. The five Russian banks subject to British restrictions are: Rossija Bank, IS Bank, General Bank, PSB (Promswiazbank) and Black Sea Bank (Black Sea Bank), while the few subject to sanctions are Gennady Timchenko, Boris Rotenberg and Igor Rotenberg. Johnson stressed that this is the “first tranche” of sanctions.
Great Britain Sanctions:
- Freezing of British assets of five Russian banks: Rossija Bank, IS Bank, General Bank, PSB (Promswiazbank) and Black Sea Bank (Black Sea Bank)
- Freezing of funds invested in Great Britain by three Russian oligarchs: Gennady Timchenko, Boris Rotenberg and Igor Rotenberg
- Ban on entry to the territory of the United Kingdom for three Russian oligarchs: Gennady Timchenko, Boris Rotenberg and Igor Rotenberg
Ukraine sanctions against Russia
The Verkhovna Rada has also taken a decision to impose sanctions on Russia. The restrictions apply to Russian officials and politicians who contributed to the recognition of the independence of the so-called Donetsk and Lugansk People’s Republics, the Ukrainian Interfax news agency reported.
The restrictions were imposed for 10 years, and the list of people subject to personal sanctions includes 351 deputies from the Russian State Duma who voted to recognize the independence of the DLR and LLR.
Other countries’ sanctions
Sanctions are imposed on Russia by other countries around the world. Canada announced the first part of its anti-Russian package. It includes, among other things, a ban on all financial transactions with the breakaway republics, sanctions against parliamentarians who supported resolutions for their recognition, and a ban on trading in Russian government securities.
The Japanese government announced restrictions on the circulation of Russian treasury bonds, as well as asset freezes and entry bans for some representatives of the Russian elite. Details of the restrictions will be provided in the coming days.
Australian Prime Minister Scott Morrison announced entry restrictions and financial sanctions on representatives of the Russian elite responsible for the country’s actions towards Ukraine. The Japanese and Australian governments have not ruled out further restrictions in the event of further aggression from Russia.
Quoting a high-ranking source in the presidential palace, Yonhap News reported that the South Korean authorities are in contact with the US government, are monitoring the imposition of sanctions against Russia by other Western countries, and are leaving the door open to the possibility of joining such activities.
Russian Foreign Ministry spokeswoman Maria Zakharova described the sanctions against Russia as illegal. In her opinion, illegal sanctions are “the only tool for Western countries to stop the development of Russia.”
Read also: The use of strong sanctions may prompt Putin to invade further. What should the West do?
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