EU Economic Sanctions Targeting Russia in Response to Ukraine Crises

The European Union is imposing new sanctions on Russia over its attack on Ukraine. According to European Commission President Ursula von der Leyen, the package of sanctions includes the financial sector, the energy sector, the transport sector, and visa restrictions for members of the Russian elite.

On 23 February 2022, the European Council decided to introduce a sectoral prohibition on financing the Russian Federation, its government, and Central Bank. By restricting the ability of the Russian state and government to access the EU’s capital and financial markets and services, the EU aims to limit the financing of aggressive policies.

“First of all, this package includes financial sanctions, which cover 70% of the Russian banking market and key state-owned companies, including in the field of defense.

Second, our target is the energy sector, which is a key economic sector and which is particularly beneficial for Russia. Banning our exports will hurt the oil sector.

Third, we prohibit the sale of aircraft and equipment to Russian airlines.

Fourth, we restrict Russia’s access to important technologies.

Finally: Visas. Diplomats, their affiliates, and businessmen will no longer have privileged access to the EU,” said Ursula von der Leyen.

“The package of sanctions shows how united the European Union is,” the European Commission president wrote on Twitter.