Sanctions that will have a serious impact on Russia were announced by the President of the European Commission Ursula von der Leyen, emphasizing “that the world can see that unity is our strength”.
In particular, in joint statements with NATO Secretary General Jens Stoltenberg and European Council President Charles Michel at NATO Headquarters in Brussels, the President of the Commission stressed that the Russian economy has already faced intense pressure and that the pressures intensify.
In this context, the forthcoming second EU sanctions package “will stifle Russia’s economic growth, increase its inflation, intensify capital outflows and gradually erode its industrial base,” he said.
Among other things, the EU measures will be aimed at weakening Russia’s technological capabilities in key areas, from which – according to the head of the Commission – the Russian elite earns most of its money.
As he explained, this will include everything from high-tech hardware to cutting-edge software.
In addition, he stressed that “it is President Putin who should explain this to his citizens. I know that the Russian people do not want this war.”
Finally, Ursula von der Leyen pointed out that “the European Union and NATO have worked closely together and this crisis will bring us even closer. It is our common duty to resist the most serious offensive on European soil in decades. Our unity is our best strength “.
Stoltenberg: We are at a critical juncture for Europe’s security
NATO Secretary-General Jens Stoltenberg spoke of a “provocative and continuing Russian attack on Ukraine” in joint statements with European Council President Charles Michel and Commission President Ursula von der Leyen at NATO headquarters.
“This is a barbaric act and we condemn it unreservedly. We are at a critical juncture in Europe’s security,” said Jens Stoltenberg. Europe safe for decades “. He reiterated that “NATO and the EU stand by the brave people of Ukraine. We support the sovereignty and territorial integrity of Ukraine. We support their right to self-defense.”
Reuters: It is unlikely the EU will cut Russia off from SWIFT at this stage
It is worth noting, however, that earlier today a Reuters article stated that the European Union is unlikely at this level to take action and cut Russia off from the international interbank payment system SWIFT, in the new package of sanctions being worked out.
According to the report, some EU member states are reluctant to make such a move because while it would hit Russian banks hard, it would make it difficult for European creditors to get their money back.
Source: Capital
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