War in Ukraine: The 6 new sanctions against Russia by the European Union

The new sanctions imposed by the European Union on Russia, while the war in Ukraine continues, were presented by the President of the Commission, Ursula von der Leyen. These include trade measures, the abolition of the favorable regime for European markets, but also further pressure on the Russian elite.

“First, we will revoke the favorable regime for our purchases. This will stop the significant benefits that Russia enjoys as a member of the WTO. Russian companies will no longer have preferential treatment in our economies. We will also work to suspend Russia’s participation in leading multilateral financial institutions, including the International Monetary Fund and the World Bank. We will ensure that Russia can not receive funding, loans or other benefits from these institutions. Because Russia can not blatantly violate international law and, at the same time, expect to benefit from its privileges of being part of the international economic order.

Secondly, We will continue to pressure the Russian elites close to Vladimir Putin, as well as their families and assistants. That is why the G7 finance, justice and home affairs ministers will meet next week to coordinate the working group we set up to target Putin’s circle.

Third, we ensure that the Russian state and its elites can not use cryptocurrency assets to circumvent sanctions. We will stop the group close to Putin and the architects of his war from using these assets to grow and transfer their wealth.

Fourth, We will ban the export of EU luxury products to Russia, as a direct blow to the Russian elite. Those who maintain Putin’s war machine should no longer be able to enjoy their rich way of life as bombs fall on innocent people in Ukraine.

Fifth, very important, We will ban the import of basic goods in the field of iron and steel from the Russian Federation. This will hit a central sector of Russia’s system, deprive it of billions in export revenues, and ensure that our citizens do not subsidize Putin’s war.

Finally, we will propose a ban new European investments in Russia’s energy sector. Why should we not feed the energy dependency we want to leave behind. “This ban will cover all investments, technology transfers, financial services, etc., for exploration and energy production – and therefore will have a major impact on Putin,” said Ursula von der Leyen.

“We hear lies and false accusations from Russia”

“Russia has shown no willingness to engage seriously in negotiations for a diplomatic solution so far. On the contrary, all we hear are new lies and false accusations “, added, among other things, the president of the Commission.

“The EU stands firmly on the side of the brave people of Ukraine. That is why, just this morning, we have disbursed EUR 300 million in emergency financial assistance to support Ukraine’s finances. “This is the first tranche of the 1.2 billion-euro financial assistance package,” he added.