European Union Member States today agreed on a new package of sanctions that will have “massive and serious consequences” for Russia over the invasion of Ukraine, according to conclusions reached by heads of state or government at a European summit in Brussels. approved.
The new sanctions cover “the financial sector, energy and transport sectors, dual-use goods (civil and military) and export controls and export financing, and visa policy,” the conclusions read. In addition, new individuals and entities are also added to the European sanctions list. Their assets in the EU will be frozen and they will also be subject to a travel ban.
The conclusions, approved at the beginning of the summit, do not go into detail about sanctions. Among other things, they would have to cut off Russian banks and state-owned companies’ access to European financial markets. The export of high-tech products for the aviation sector and other strategic sectors of the Russian economy and defense is also restricted. Interventions in visa policy should restrict the freedom of movement of diplomats and businessmen.
Member States’ consent
This package, which was prepared by the European Commission and the European diplomatic service EEAS, is subject to formal agreement by Member States through a Council of Ministers or written procedure. Afterwards, the sanctions are officialized in the Official Journal of the EU. The whole procedure was completed in just 24 hours with the first battery of measures approved earlier this week in response to Russia’s recognition of the “people’s republics” of Donetsk and Luhansk in eastern Ukraine.
In their conclusions, heads of government meanwhile call for “the urgent preparation and adoption of further individual and economic sanctions”, including against Belarus, Moscow’s ally accused of involvement in the invasion of Ukraine. According to diplomats, there is currently no consensus about a Russian exclusion from Swift, the international payment operator with its registered office in Belgium.
“Solidarity with Ukraine”
Ukrainian President Volodymyr Zelensky, who had launched a call on Thursday to ban Russian banks and financial institutions from Swift, addressed European leaders via video link. They are considering additional measures to support the country financially and economically.
“United in solidarity with Ukraine, the EU will continue to support Ukraine and its people together with international partners, including through additional political, financial, humanitarian and logistical support and an international donor conference,” the conclusions read. It also reaffirms “Ukraine’s European aspirations and European choice”.
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