The EU Foreign Minister met today to discuss sanctions against Russia as tensions for defense in Ukraine increasing. The UK has announced a set of first steps – in five banks and three individuals – and the US is expected to add existing sanctions.
The European Union closer to enforce sanctions on Russian individuals and institutions – from politicians to financial organizations such as banks – as part of the Western response to Russia to recognize Donetsk and Luhansk – two rebel areas in East Ukraine – as an independent entity.
EU Foreign Minister met in the midst of hope they would target more than 350 Russian parliamenters who chose to recognize separatist areas, three banks finance Russian operations (military or other) in separatist areas in Ukraine, and prohibit its territory.
The proposed steps also aim “to target the ability of Russian countries and the government to access capital and UE markets and services, to limit the financing of the Escalator and aggressive policy” said Head of Urles Von Der Leyen and Charles Michel.
The EU said it was ready to impose sanctions with “big consequences”. “We must ensure that whatever happens, Russia will feel the pain … to ensure Russia has absent incentives to go further,” said Minister of EU affairs Thomas Byrne.
However, every sanction by the EU must be approved by all 27 member countries and that can make it difficult for problems, given that not all have the same relationship as, or dependence on Russia. There are also concerns over the fall of sanctions on the European economy, given the energy and trade bond to Russia.
Germany said it would stop the Nord Stream 2 gas pipeline which brought natural gas from Russia and was seen as an example of European dependence on the Russian energy supply. Baltic and European countries support strong temporary sanctions, such as Austria and Hungary, leaning towards more limited sanctions, reporting more limited news agencies.
Norway has announced its support for sanctions against Russia. “The situation in Ukraine … is at a dramatic level,” Toko Prime Minister Jonas Gahr told reporters in Oslo, adding that Russian recognition of the breakaway breaker area was a “turning point”.
The British has moved rapidly and slapped sanctions on five Russian banks and three billionaires, in the prime minister Boris Johnson called the “first series” steps. This applies immediately. The UK will also sanction parliament members who choose to recognize separatist areas.
Poland has called for sanctions to include steps against Russian President Vladimir Putin. Democrats in the US Senate last month launched a bill like that – which included Putin in that way swept – but hadn’t slept. Russia has rejected sanctions against Putin as “politically damaging itself”.
The US and the EU already have several sanctions on the energy sector and Russian defense, including the Gazprom state-owned gas company. President Joe Biden has issued orders that prohibit investment and financing into separatist areas.
Russian Foreign Minister Sergei Lavrov has dismissed the threat of sanctions, by saying, “We are used to that. We know that sanctions will be forced, in any case. With or without reason” and Slam US, the European Union and the United Kingdom for “Russian punishment” .