EU reveals ‘maximum impact’ Russia sanctions

Feb 26, 2022 | BUSINESS

Penalties over Ukraine crisis target Russian finance, energy, and transport

EU leaders have agreed to introduce “massive” sanctions on Russia, targeting a wide range of economic sectors, including finance, energy and transport, aviation, and space sectors.

The decision comes days after Moscow launched a “special military operation” in Donbass at the request of the region’s recently recognized Donetsk (DPR) and Lugansk (LPR) People’s Republics, vowing to “demilitarize” Ukraine and defend the people against “aggression” by Kiev.

The EU authorities have banned public financing for trade with Russia, as well as investment in the state, according to the document released by the Publications Office of the European Union. Brussels also blocked access to EU loans for the Russian government and the country’s central bank.

The measures prohibit direct or indirect financing of new loans or credit after February 26, 2022.

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The bloc “prohibited to sell, supply, transfer or export, directly or indirectly, goods and technology suited for use in aviation or the space industry” to Russian companies or individuals. The ban covers products that originate both in the EU and outside.

The latest decision, as well as the entire package of sanctions imposed after the 2014 reunification of Crimea with Russia, is set to apply until July 31, 2022.

Earlier, the bloc imposed personal sanctions against Russian President Vladimir Putin and FM Sergey Lavrov, Minister of Defense Sergey Shoigu, and Chief of the General Staff of the Russian Armed Forces Valery Gerasimov.

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