EU sanctions against Russia. What are they?


As Russia’s military aggression against Ukraine progresses, EU imposes sanctions against President Putin and Foreign Minister Lavrov and adopts a wide range of individual and economic sanctions.

Sanctions against Russia. Sample photo. Source: centralasia.media

The EU has decided to impose sanctions on Russian President Vladimir Putin and Russian Foreign Minister Sergei Lavrov. The EU also agreed on an additional package of individual and economic measures covering Belarus to respond to the Russian Federation’s unprovoked and unjustified military aggression against Ukraine.

“President Putin and his government have launched a war against an independent, sovereign neighboring country. The behavior of the Russian leadership poses a great threat to international peace and security. Today we are responding with the most severe restrictive measures. The European Union is united in its determination, together with international partners and allies, to defend the peaceful order, international law and the rules-based system,” said Josep Borrell, High Representative for Foreign Affairs and Security Policy

To quickly implement the conclusions of the European Council of February 24, the sanctions package was adopted covering a number areas.

Individual sanctions

In addition to freezing the assets of Russia’s president and foreign minister, the EU will impose restrictive measures on members of the Russian National Security Council who supported Russia’s immediate recognition of the two non-government-controlled areas of Donetsk and Luhansk regions of Ukraine as independent entities. The sanctions will also apply to the remaining members of the Russian State Duma who ratified the government decision on the Treaty of Friendship, Cooperation and Mutual Assistance between the Russian Federation and the two entities.

In addition, the EU will also target persons who assisted Russian military aggression on the part of Belarus.

Economic sanctions

The package adopted today further expands existing financial restrictions, thus reducing Russia’s access to the most important capital markets. It also prohibits the listing and provision of services with respect to shares of Russian state-owned entities on the EU trading floors. In addition, it introduces new measures that significantly limit financial inflows from Russia to the EU, prohibiting the acceptance of deposits in excess of certain amounts from Russian citizens or residents, the holding of Russian client accounts by EU central securities depositories, and as sales of euro-denominated securities to Russian clients.

These sanctions would target 70 percent of the Russian banking market and key state-owned companies, including those in the defense sector. They will increase the cost of Russian debt, raise inflation and gradually erode Russia’s industrial base. Additionally, measures are being taken to ensure that the wealth of the Russian elite is not hidden in safe havens in Europe.

Energy sector

The EU will prohibit the sale, supply, transfer or export to Russia of specific goods and technologies in the oil refining sector, as well as impose restrictions on the provision of related services.

By imposing such an export ban, the EU intends to hit the Russian oil sector and make it impossible for Russia to modernize its refineries.

In 2019, Russia’s export revenues amounted to 24 billion euros.

Transportation sector

The EU has imposed a ban on the export of goods and technology in the aviation and space industries, as well as a ban on the provision of insurance and reinsurance and maintenance of these goods and technologies. The EU will also ban related technical and financial assistance.

This ban on the sale of all aircraft, parts and equipment to Russian airlines will worsen one of the key sectors of Russia’s economy and connectivity, as three-quarters of Russia’s current commercial fleet is built in the EU, the United States and Canada.

Technology sector

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

This would include products such as semiconductors or advanced technology.

Visa Policy

Diplomats, other Russian officials and businessmen will no longer be able to benefit from visa facilitation provisions allowing privileged access to the EU. This decision will not affect ordinary Russian citizens. The decision will come into force from the date of adoption.

The EU strongly condemns the unjustified military aggression of the Russian Federation against Ukraine, as well as Belarus’ participation in this aggression.

belsat.eu

TWITTER