The European Union announced new sanctions on Russia this Friday (25) focusing on the country’s financial, energy and transport sectors, as well as targeting visa and export controls policy.
The sanctions will have “maximum impact on the Russian economy and political elite,” European Commission President Ursula von der Leyen told a joint press conference with French President Emmanuel Macron. “Let’s hold the Kremlin accountable,” she said.
Von der Leyen said the measures cut off Russia’s most important capital markets and target 70% of the Russian banking market and major state-owned companies. The sanctions will increase Russia’s borrowing costs, increase inflation and “gradually erode Russia’s industrial base,” she said.
“We are also targeting Russian elites by restricting their deposits so they can no longer hide their money in safe havens in Europe,” he added.
An export ban will also hit Russia’s oil sector and ban the sale of spare parts and aircraft equipment to Russian airlines, which Von der Leyen said would affect a key sector of the country’s economy and connectivity.
Diplomats and businessmen will no longer have privileged access to the European Union, he concluded.
Source: CNN Brasil
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