The punitive measures enacted for Russia’s attack on Ukraine are aimed at causing significant damage to the country and its economy. For example, the refinancing options of the state and selected private banks and companies are being restricted. In addition, the EU is issuing export restrictions for strategically important goods, which are intended to affect companies in the transport and energy sectors in particular.
The EU also puts Russian President Vladimir Putin and his Foreign Minister Sergei Lavrov on its sanctions list. Any assets that the two politicians may have in the EU can thus be frozen.
However, it was initially unclear whether Putin and Lavrov actually have any assets in the EU that could be frozen. If not, the measures would only be of a symbolic nature.
Specifically, the sanctions package provides, for example, for the Russian aviation industry to be cut off from the supply of new aircraft and spare parts and other technology. The Russian railways are also affected because they were involved in the transport of troops towards Ukraine. In the future, Russian oil refineries may no longer be supplied with products that enable them to meet certain EU standards. Companies that manufacture electronic devices, computers, telecommunications devices and sensors, for example, are also affected.
In the past few days, EU officials have declined to say what kind of revenue shortfalls European companies can expect because of the sanctions. However, they conceded that the total could be in the billions.
Even stricter sanctions, such as Russia’s exclusion from the Swift banking communications network, the listing of the two most important banks and export bans on natural gas, for example, are not part of the package for the time being. This is primarily justified by the fact that such measures would also cause considerable damage to the European economy. It trades significantly more with Russia than, for example, the US or British.
Nevertheless, it is considered quite possible that there will soon be another sanctions package that also contains the measures mentioned. Work on further measures is already underway.
Ukrainian President Selenskyj calls for admission to the EU
In the face of the Russian attack, Ukrainian President Volodymyr Zelenskyy has called for his country’s admission to the European Union. “It is a crucial moment to end the long-standing discussion once and for all and to decide on Ukraine’s membership in the #EU,” Zelenskyy tweeted on Saturday. He discussed “further effective aid” and the “heroic struggle of the Ukrainians for their free future” with EU Council President Charles Michel.
EU membership for Ukraine has so far been considered impossible. According to experts, such a step could also make an agreement with Russia impossible.
The question of rapprochement with the EU triggered mass protests on Kiev’s central Maidan square. They led to the overthrow of pro-Russian President Viktor Yanukovych in 2014. As a result, Russia annexed the Black Sea peninsula of Crimea, and war broke out in eastern Ukraine./bvi/DP/stk
BRSSEL / KIEV (dpa-AFX)
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