November 30, 2022

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The European Union announces new economic sanctions after a "barbaric attack"

The European Union announces new economic sanctions after a “barbaric attack”

The European Union will block Russian assets and prevent Russian banks’ access to European financial markets. European Commission President Ursula von der Leyen announced this Thursday morning. We will hold Putin accountable.

stainless steelsourceReuters, Belgium

European leaders will meet in an emergency session tonight to decide on tougher sanctions in the wake of Russia’s “barbaric attack” on Ukraine. The European Union announced this morning. “We will hold President Putin to account for this,” said commission chief von der Leyen.

“We will target strategic sectors of the Russian economy by denying access to technology and markets essential to Russia,” von der Leyen said. “We will weaken Russia’s economic base and its ability to modernize.”

Moreover, Russian assets in the EU will be frozen and Russian banks’ access to European financial markets will be stopped, von der Leyen concluded.

‘Heaviest punishment ever’

The High Representative for Foreign Policy, Josep Borrell, described the new measures as “the toughest set of sanctions we have ever implemented.”

Yesterday, the 27 member states had already agreed to the first set of sanctions. Among other things, members of the Russian parliament were targeted and trade with the separatist regions of eastern Ukraine was cancelled.

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