Wednesday, July 24, 2024

The EU announced economic sanctions against Russia

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will affect 70 percent Russian banking markets and major state-owned companies, including defense companies. Due to restrictive measures will increase and Russia’s industrial base will be gradually undermined.

approved yet another large-scale sanctions package against Russia, which leaders confirmed at a summit held last Thursday. This was announced by the European Council on Saturday evening, February 26.

For example, when it comes to economic sanctions, she noted that today’s package of documents “further expands existing financial restrictions, thus limiting Russia’s access to key capital markets.”

“He too To be listed on EU trading platforms and to provide services related to shares of Russian state-owned companies. In addition, it establishes new measures that significantly limit the flow of funds from Russia to the EU, prohibiting the acceptance of deposits exceeding certain amounts from Russian citizens or residents, the maintenance of accounts of Russian clients in EU central securities depositories, and the sale of securities denominated in euros to Russian clients.” – said the statement.

The EU notes that sanctions will affect 70 percent. Russian banking markets and major state-owned companies, including defense companies.

“They will increase the cost of borrowing for Russia, increase inflation and gradually undermine Russia’s industrial base. In addition, measures are being taken to prevent the Russian elite from hiding their wealth in safe havens in Europe,” the report emphasizes.

In the energy sector, the EU will ban the sale, supply, transfer or export to Russia of certain oil products and technologies, as well as set restrictions on the provision of related services.

“By establishing such an export ban, the EU intends to hit the Russian oil sector and deprive Russia of the opportunity to modernize its oil refineries. Russia’s export earnings in 2019 amounted to 24 billion euros”, said the EU.

In the transport sector, the EU has imposed a ban on the export of aerospace goods and technologies, as well as a ban on the provision of insurance, reinsurance and maintenance services related to these goods and technologies. The EU will also ban related technical and financial assistance.

“This ban on the sale of all aircraft, spare parts and equipment to Russian airlines will worsen the situation in an important sector of the Russian economy and make it worse because three-quarters of the current fleet of Russian commercial aircraft were built in the EU, and in Canada”, said the EU.

In the technology sector, the EU imposed additional export restrictions on dual-use goods and technologies, as well as restrictions on the export of certain goods and technologies that could contribute to Russia’s technological progress in the defense and security sector.

“It can be such products semiconductors or advanced technologies,” the report states.

The relevant legislation, including the names of persons subject to restrictive measures, will be published in the Official Gazette.

Earlier on Friday, it was reported that the EU imposed sanctions on Russian President Vladimir Putin and Russian Foreign Minister Sergei Lavrov. After Alexander Lukashenko and Bashar al-Assad, V. Putin is only the third world leader in history to be sanctioned by the EU.

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