EU imposes more sanctions on Moscow over Ukraine invasion

The European Union imposed more sanctions on Russia over the conflict in Ukraine on Thursday after the bloc’s 27 members backed measures that embody a ban on gold imports, additional restrictions on the nation’s largest financial institution and tighter export controls on some high-technology items.

European Commission Ursula von der Leyen stated the “reinforced, prolonged EU sanctions against the Kremlin” ship “a strong signal to Moscow: we will keep the pressure high for as long as it takes.”

The EU has described the brand new spherical of sanctions as minor changes and meant to align its actions with commitments from world companions. Any ban on Russian gasoline imports, that are nonetheless a lifeline to lots of the EU’s juggernaut industries, isn’t into account.

EU officers labored all week to tighten the bloc’s intensive bundle of sanctions on Russia and checked out methods so as to add a ban on gold exports, hoping the measures may begin to have a decisive impression on the conflict in Ukraine.

On Thursday, EU international coverage chief Josep Borrell was in a position to say, “We are effectively banning Russia’s most significant export after energy – Russian gold.”

The Group of Seven main industrial nations dedicated to a gold ban final month, arguing that Russia has used its gold to again up its foreign money and circumvent the impression of earlier sanctions nations around the globe imposed after the February 24 invasion of Ukraine.

The EU additionally took additional motion towards Sberbank, which was already kicked off the SWIFT worldwide banking messaging service. The financial institution shall be added to the EU’s sanctions checklist and have its belongings frozen, making all transactions subsequent to not possible.

The EU additionally tightened the noose on sanctioned people, usually oligarchs near Russian President Vladimir Putin.

They now need to formally declare the place they’ve belongings within the EU so the holdings might be frozen. The EU stated refusing to take action may result in legal costs and confiscation of the belongings.

On Monday, the EU determined to spice up army support to Ukraine by 500 million euros.

2022-07-21 23:15:33

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