Filenews 26 February 2022
The second package of EU sanctions against Russia enters into force. The additional restrictive measures were posted in the EU newspaper at midnight on Friday.
The EU has decided to impose sanctions on Russian President Vladimir Putin and Foreign Minister Sergei Lavrov, but also on an additional package of individual and economic measures that will also cover Belarus for participation in the unprovoked and unjustified military offensive conducted by the Russian Federation against Ukraine, the Council says.
As far as individual sanctions are concerned, in addition to freezing the assets of the Russian President and Minister of Foreign Affairs, the EU will impose restrictive measures on the members of the National Security Council of the Russian Federation who supported the immediate recognition by Russia of the two non-governmentally controlled areas of the Donetsk and Luhansk regions as independent entities. The sanctions will also be extended to the remaining members of the Russian State Duma, who ratified the government's decision of the Treaty of Friendship, Cooperation and Mutual Assistance between the Russian Federation and the two entities.
In addition, the EU will also target those who facilitated the Russian military offensive from Belarus.
The package adopted further extends the existing financial constraints, thereby limiting Russia's access to the most important capital markets. It also prohibits listing and the provision of services in relation to shares of Russian state entities on EU trading venues. In addition, it introduces new measures that significantly limit financial inflows from Russia into the EU, prohibiting the taking of deposits that exceed certain values by Russian nationals or residents, the holding of accounts of Russian customers by the EU Central Securities Depositories, as well as the sale of euro securities to Russian customers.
These sanctions will target 70% of the Russian banking market and key state-owned companies, including the defence sector. They will increase Russia's borrowing costs, increase inflation and gradually erode Russia's industrial base. Additional measures are being taken to prevent the hidden property of the Russian elite in safe havens in Europe.
In the energy sector, the EU will ban the sale, supply, transfer or export to Russia of certain goods and technologies in oil refining and will impose restrictions on the provision of related services.
By introducing such an export ban, the EU intends to hit the Russian oil sector and make it impossible for Russia to upgrade its oil refineries.
Russia's export revenues amounted to €24 billion in 2019.
The EU also introduced an export ban covering goods and technology in the aviation and space industries, as well as a ban on the provision of insurance and maintenance services related to these goods and technology. The EU will also prohibit the provision of relevant technical and financial assistance.
This ban on the sale of all aircraft, spare parts and equipment to Russian airlines will downgrade one of the key sectors of the Russian economy and the country's connectivity, as three quarters of Russia's current commercial aviation fleet was built in the EU, the US and Canada.
The EU has imposed further restrictions on exports of dual-use goods and technology, as well as restrictions on exports of certain goods and technology that may contribute to Russia's technological improvement in the field of defence and security.
This will include products such as semiconductors or state-of-the-art technologies.
At the same time, the EU decided to impose sanctions on visa policy. Diplomats, other Russian officials and businessmen will no longer be able to benefit from visa facilitation provisions, which allow privileged access to the EU. This decision will not affect ordinary Russian citizens.
The European Union condemns in the strongest possible terms the unprovoked and unjustified military attack by Russia on Ukraine, as well as the participation of Belarus in this attack.
It demands that Russia immediately cease its military actions, unconditionally withdraw all forces and military equipment from the entire territory of Ukraine and fully respect the territorial integrity, sovereignty and independence of Ukraine within its internationally recognised borders. The European Council calls on Russian-backed armed groups to respect international humanitarian law and to stop the disinformation campaign and cyber-attacks.
The use of force and forced to change borders has no place in the 21st century. Tensions and conflicts should be resolved solely through dialogue and diplomacy. The EU will continue to work closely with its neighbours and reiterates its unwavering support for and commitment to the sovereignty and territorial integrity of Georgia and the Republic of Moldova. It will continue strong coordination with partners and allies, within the UN, the OSCE, NATO and the G7.
ANA-MPA
