The second package of EU sanctions against Russia enters into force. The additional restrictive measures were published in the EU newspaper at midnight on Friday.
The EU has decided to impose sanctions on the Russian President Vladimir Putin and Minister of Foreign Affairs Sergey Lavrov, but also an additional package of individual and financial measures that will cover Belarus as well, for her participation in the unprovoked and unjustified military action, together with the Russian Federation against Ukraine, as the Council reports.
With regard to individual sanctions, in addition to the freezing of the assets of the Russian President and Foreign Minister, the EU will impose restrictive measures on members of the National Security Council of the Russian Federation, who supported the immediate recognition by Russia of the two non-governmental controlled areas, that of Donetsk and Luhansk regions as independent entities.
The sanctions will also be extended to the other members of the Russian State Duma, who ratified the government’s 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 those who facilitated the Russian military offensive from Belarus territory.
The approved package further extends the existing financial constraints, thus limiting Russia’s access to major capital markets. Besides that, it bans the listing and provision of services related to shares of Russian state entities in EU trading venues.
In addition, it introduces new measures that limit significantly the financial inflows from Russia into the EU, by means of banning the acceptance of deposits in excess of certain values by Russian nationals or residents, maintaining accounts of Russian clients from the EU Central Securities Depositories, and selling securities in euros to Russian clients.
These sanctions will target 70% of the Russian banking market and key state-owned companies, including the defense sector. They will increase Russia’s borrowing costs, inflation and gradually erode Russia’s industrial base. Additional measures are being taken to prevent the hidden assets of the Russian elite to remain in safe havens across Europe.
In the field of energy, the EU will ban the sale, supply, transport or export to Russia of certain goods and technologies with regard to oil refining and will impose restrictions on the provision of related services.
By introducing such an export ban, the EU intends to damage the Russian oil sector and make it impossible for Russia to upgrade its oil refineries.
Russia’s export revenues amounted to 24 billion euros in 2019.
The EU has also introduced an export ban covering goods and technology in the aviation and space sectors, as well as a ban on the provision of insurance and maintenance services related to these goods and technology. The EU will also ban technical and financial assistance.
This ban on the sale of all aircraft, spare parts and equipment to Russian airline companies will degrade one of the key sectors of the Russian economy and the country’s connectivity, as three-quarters of Russia’s current commercial aircraft fleet is built in the EU, US and Canada.
The EU has imposed further restrictions on exports of dual-use goods and technology, as well as restrictions on exports of certain goods and technology that may contribute to Russia’s technological improvement in the field of defense and security.
This will include products, such as semiconductors or cutting edge technologies.
The EU has also decided to impose visa sanctions. Diplomats, other Russian officials and businessmen, will no longer be able to benefit from visa facilitation provisions, which allow for privileged access to the EU. This decision will not affect ordinary Russian citizens.
The European Union strongly condemns the unprovoked and unjustified Russian military offensive against Ukraine and the involvement of Belarus in this offensive.
EU urges Russia to immediately cease its military operations, to withdraw unconditionally all forces and military equipment from the entire territory of Ukraine, and to fully respect the territorial integrity, sovereignty and independence of Ukraine within its internationally recognized borders. The European Council calls on the Russian-backed militias to respect international humanitarian law and to put an end to the campaign of misinformation and cyber-attacks.
The use of force and coercion to change borders has no place in the 21st century. Tensions and conflicts should be resolved exclusively through dialogue and diplomacy. The EU will continue to work closely with its neighbors and reiterate its unwavering support and commitment to the sovereignty and territorial integrity of Georgia and the Republic of Moldova. It will continue to have a strong coordination with partners and allies within the UN, the OSCE, NATO and the G7.
Source: ANA-MPA