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The European Union will block Russia’s access to critical technology and other markets as punishment for Russia’s decision to invade Ukraine, European President Ursula von der Leyen said Thursday.
Von der Leyen appeared briefly to announce the new measures just hours after Russia launched a full-scale invasion of Ukraine, sending troops across the border from several directions and bombing targets across the country.
Innocent people, von der Leyen said, “are dying of fear for their lives.”
She vowed the EU would respond forcefully.
“We will weaken Russia’s economic base and its capacity to modernize,” von der Leyen said, reading from a prepared statement.
Standing next to von der Leyen, top EU diplomat Josep Borrell promised the penalties would constitute “the harshest package of sanctions we have ever implemented.”
The new penalties will be presented Thursday evening at an emergency summit of EU leaders.
“We will target the strategic sectors of the Russian economy by blocking the access to technologies and markets that are key for Russia,” von der Leyen said.
“These sanctions,” she added, “are designed to take a heavy toll on the Kremlin’s interests and their ability to finance war.”
The punishment will build on an initial raft of penalties the EU approved Wednesday in response to Russia’s initial troop deployment into eastern Ukraine’s contested Donbass region. European Council President Charles Michel called the emergency EU leaders’ summit following that decision.
“Russia’s target is not only Donbass, the target is not only Ukraine,” von der Leyen said. “The target is the stability in Europe. And the whole of the international peace order.”
The first round of EU penalties went after several members of Putin’s inner circle, including his defense minister. It also targeted military commanders, prominent media personalities who trumpet Kremlin talking points, banking executives and state-controlled financial institutions.
The penalties overlapped with others imposed by the U.S. and U.K., while going father in some areas.
But the EU and its allies have yet to go after a number of more damaging targets, such as Russia’s lucrative energy sector, or its import of key technologies like semiconductors. Also not yet targeted for sanctions is Putin himself.
“These are among the darkest hours for Europe since the end of World War II,” Borrell said.
Source: Politico
