September 27, 2022

EU announces new sanctions against Russia

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A new package of European Union (EU) sanctions against the Russian Federation will come into force on March 13. Ambassadors are currently negotiating it, French Foreign Minister Jean-Yves Le Drian said on the radio station France Inter.

“At the moment, a new package of sanctions is being prepared, which should be introduced from today,” the diplomat said.

At the moment, it is known that the sanctions include a ban on the export of luxury goods to Russia and a ban on investment in the oil sector. The list of businessmen subject to restrictions will also be expanded.

On March 12, the head of the EU Foreign Service, Josep Borrell, said that sanctions against the Russian Federation cannot have an immediate effect.

On March 11, Spiegel columnist Markus Becker said that anti-Russian sanctions are splitting Europe itself. He noted that the sanctions that the EU imposes against Russia are hitting them harder.

However, on March 10, Borrell said that the EU had reached the limit of its ability to impose financial sanctions against Russia. According to him, very tough sanctions have been introduced against the Russian Federation, which will lay a heavy burden on the Russian economy.

On March 9, Russian Prime Minister Mikhail Mishustin said that the Russian government is working to increase the resilience of the economy against the backdrop of sanctions. As the press secretary of the President of the Russian Federation Dmitry Peskov emphasized, the measures taken by the Cabinet of Ministers are systemic and correspond to the current “extraordinary unfriendly conditions.”

The sanctions came against the backdrop of an operation to protect the Donbass, which Moscow announced on February 24. A few days earlier, the situation in the region escalated significantly due to shelling by the Ukrainian military. The authorities of the Donetsk and Lugansk People’s Republics (DPR and LPR) announced the evacuation of residents in the Russian Federation, and also turned to Moscow for help. On February 21, Russian President Vladimir Putin signed a decree recognizing the independence of the Lugansk t and the Donetsk.

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