Ukraine’s president asked EU to impose more sanctions on Russia

Ukraine’s president asked EU to impose more sanctions on Russia

Ukraine’s president asked EU to impose more sanctions on Russia
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Ukrainian President Volodymyr Zelensky asked the EU to impose stiffer penalties on Russia in response to its invasion, after the body refrained from using its entire arsenal of sanctions against Moscow.

“Not all possibilities for sanctions have been exhausted yet. The pressure on Russia must increase,” Zelensky tweeted after talking to EU chief Ursula von der Leyen.

At an emergency summit on Thursday, European Union leaders agreed on a broad package of economic measures against Russia, which they claimed would have “huge and severe effects.”

They did not, however, shut Russia off from the global SWIFT financial system after economic powerhouse Germany resisted requests from other member nations for such a drastic step.

The European steps were part of a tsunami of economic retaliation after Russian President Vladimir Putin unleashed his troops on his neighbour.

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The EU and other Western leaders have stated that the sanctions imposed might be increased further.

The latest EU measures, which are scheduled to be formally agreed and detailed later Friday, target Russia’s “financial sector, energy and transport sectors, dual-use commodities, export and export finance.”

Read more: EU wants to cut ‘all links’ between Russia and global financial system

Following the conference, Von der Leyen stated that the sanctions package, the second authorised by the EU this week, is “targeting 70% of the Russian financial system, but also significant state-owned firms, notably those in the sphere of defence.”

She did not go into specifics, but a list compiled by her panel, obtained by AFP, recommended adding two Russian private banks, Alfa Bank and Bank Otkritie, to the EU’s list of sanctioned organisations.

It also proposed a prohibition on Russians depositing more than 100,000 euros ($112,000) in EU banks or acquiring euro-denominated assets.

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The steps, according to Von der Leyen, “would boost Russia’s borrowing costs, create inflation, and progressively destroy Russia’s industrial base.”

The sanctions’ energy sector targets included a prohibition on the transfer of equipment and technology that Russia needs to modernise its oil refineries.

A restriction on the transfer of planes and aviation components to Russian airlines would also “degrade a crucial area of Russia’s economy and the country’s connectivity,” according to von der Leyen.

Following his meeting with Zelensky, EU Council President Charles Michel stated that a fresh round of penalties was being “urgently prepared,” but he emphasised that the sanctions previously adopted by EU leaders would have “huge and terrible implications” for Moscow.

“Europe stands with the people of Ukraine and will continue to support them,” Michel, who leads EU summits, tweeted.

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