European leaders adopted a package of punishments vs Russia in 5 key areas – finance, energy, transport, export control, prohibition of financial exports and visa policy. This was said after the meeting, which lasted late into the night, European Commission President Ursula von der Leyen said.

“President Putin has chosen to return the war to Europe, and we are currently witnessing a large-scale intervention in Ukraine”, said Von der Layen. “We will hold the Kremlin responsible for this”, she says. In financial matters punishmentsshe explained that they cut Russiaaccess to the most important capital markets:

“70% of the Russian banking market is targeted, as well as the main public companies, including in the field of defence. these punishments will increase Russiaborrowing costs, increase inflation and gradually undermine Russiaindustrial base of. The Russian elite is also targeted, whose deposits we break so that they can no longer hide their money in the European tax haven.

Our export ban will affect oil, making it impossible for Russia to modernize its oil refineries, which brought in a turnover of 24 billion euros in 2019, she added.

the punishments include an export ban on all aircraft, as well as parts and equipment for Russian airlines. This will affect key sectors of the economy and connectivity, since 3/4 of Russian planes are built in the EU, the United States and Canada. Access to key technologies such as semiconductors is restricted, and diplomats and businesses will no longer have privileged access to the EU.

The world is waking up to war, French President Emmanuel Macron has said. He added that the punishments also target Belarus, an accomplice of the Russian regime. Regarding the protection that France will provide to its allies, incl. and within NATO he clarified:

“France will continue to fully play its role as guarantor of NATO allies by sending a new contingent to Estonia, accelerating its participation in the sky police above the Baltic skies in March and also accelerating the deployment of troops In Romania.”

Both pointed out that the EU remained united in its position against the actions of the Kremlin, despite its attempts at division. Macron said he had a quick, direct and frank conversation with President Putin at the request of his Ukrainian counterpart, Zelensky, to end hostilities and hold talks. He admitted that there was no result.

Second day of fighting in UkraineClashes on the outskirts of Kiev

The High Representative for Foreign Affairs and Security Policy, Josep Borrell, said yesterday that these would be the most difficult punishments the EU never imposed.

At this stage, Russian credit institutions will not be excluded from the SWIFT international payment system. According to German Chancellor Olaf Scholz, some punishments should remain in the arsenal of the European Union at a later stage.

At the entrance, Belgian Prime Minister Alexander de Croo said that punishments are needed who do not bark but bite, and explained that they should primarily affect the country’s military-industrial complex, as well as its elite. Slovenian Prime Minister Janez Jansa said he understood very well the situation of Ukrainians, as his country had found itself in a similar situation.

“I don’t think Putin is a negotiable person” said Finnish Prime Minister Sanna Marin. She said that there will probably be migrants with whom we must show solidarity.

When asked if the Russian president could invade other European countries, Josep Borrell replied: “Nothing is out of the question with Putin.”

In a speech to European leaders, the President of the European Parliament, Roberta Metsola, called for “massive, unprecedented and hard” punishments vs Russiaincluding and “wider” like to exclude Russia of the SWIFT system. She called for measures to include punishments, without excluding anyone. Metsola described the suspension of Nord Stream 2 certification as the right decision, adding that the punishments came too late when the unthinkable had already happened.

Meanwhile, European leaders have called for further action against Belarus.

/BNR

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