EU Announces New Russia Sanctions Targeting Banks, Market Access

EU President Charles Michel and European Commission President Ursula von der Leyen have released details of the first package of sanctions against Russia due to the latter recognising the Donetsk People’s Republic and Luhansk People’s Republic as independent on Feb. 21. The EU wants to target banks financing Russian operations in Ukraine’s separatist territories following […]

The post EU Announces New Russia Sanctions Targeting Banks, Market Access appeared first on KyivPost.

EU President Charles Michel and European Commission President Ursula von der Leyen have released details of the first package of sanctions against Russia due to the latter recognising the Donetsk People’s Republic and Luhansk People’s Republic as independent on Feb. 21.

The EU wants to target banks financing Russian operations in Ukraine’s separatist territories following Moscow’s recognition of their independence, and hit Moscow’s access to European financial markets.

The proposed sanctions, which also include blacklisting officials and hitting trade with the breakaway regions, will be formally submitted later today, said a statement from EU chiefs Ursula von der Leyen and Charles Michel.

It detailed four areas to be hit by the initial sanctions package.

It said it would target “those who were involved in the illegal decision” and “trade from the two breakaway regions to and from the EU”.  In addition, it was aimed at banks “financing Russian military and other operations in those territories”.

And it said it would “target the ability of the Russian state and government to access the EU’s capital and financial markets and services, to limit the financing of escalatory and aggressive policies”.

The post EU Announces New Russia Sanctions Targeting Banks, Market Access appeared first on KyivPost.