European Commission President Ursula von der Leyen has revealed some details about sanctions that could be imposed on Russia in the event of an invasion of Ukraine, noting that Moscow will be cut off from international financial markets and banned from importing products.
“Russia will be effectively cut off from the international financial markets,” von der Layen told German state television ARD late Sunday night. “Sanctions will be imposed” on all the products we produce and which Russia needs to modernize and diversify its economy, “she said.
She stressed that the sanctions will be imposed only if Russia invades Ukraine, rejecting the call made on Saturday by Ukrainian President Volodymyr Zelensky for immediate action.
“The imposition of sanctions is so huge and has so many implications that we know we must always give Russia a chance to return to diplomacy and the negotiating table,” von der Leyen explained.
According to the President of the European Commission, Russia’s dependence on fossil fuel exports is its weakness.
“They make up two-thirds of its exports and half of Russia’s budget comes from them,” he said. Moscow needs to modernize its economy and “this is exactly what will no longer be possible” if further sanctions are imposed, von der Leyen concluded.
SOURCE: AMPE
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
