Reacting to Russian invasion of Ukraine, EU member state leaders ended their emergency summit by passing this week’s second tranche of sanctions against Russia, this time the targets are its financial, energy and transport sectors. To the disappointment of Ukraine, they did not agree on cutting Russia from the international payment system SWIFT.
The summit ended early on Friday, February 25.
European Commission President Ursula von der Leyen said in a press conference that the sanctions would increase Russia’s borrowing costs, raise inflation and gradually destroy Russia’s industrial base.
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Sanctions in the energy sector included a ban on the export of equipment and technology needed to Russia to modernize its oil refineries. A ban on the export of aircraft and parts to Russian airlines would also permanently degrade the Russian economy, the head of the EU’s executive body noted.
Visa sanctions against Russia mean that Russian diplomats, their groups and businessmen will no longer have privileged access to the EU. The new sanctions will enter into force once the legal documents are drawn up, formally adopted by the member state ministries of foreign affairs and published in the Official Journal of the EU. It is expected to happen on Friday, February 25, or Saturday, February 26.
EU increases sanctions aimed at «maximum pressure on Russian economy and political elite»
