February 24, 2023 Russia-Ukraine news

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The European Union introduced new sanctions on Russia early Friday that may goal the nation’s monetary, vitality and transport sectors, visa coverage, and embrace export controls and export financing bans.

The sanctions may have “maximum impact on the Russian economy and political elite,” stated European Commission President Ursula von der Leyen at a joint news convention with French President Emmanuel Macron. “We will hold the Kremlin accountable,” she stated.

She stated the monetary sanctions minimize Russia’s most vital capital markets, and that they’re now concentrating on 70% of the Russian banking market and key state-owned firms. The sanctions will enhance Russia’s borrowing prices, increase inflation and “gradually erode Russia’s industrial base,” she said.

“We are also targeting Russian elites by curbing their deposits so that they cannot hide their money anymore in safe havens in Europe,” she added.

An export ban will also hit Russia’s oil sector, and ban the sale of all aircraft spare parts and equipment to Russian airlines, which Von der Leyen said would hit a key sector of Russia’s economy and the country’s connectivity. The sanctions also limit Russia’s access to “essential expertise,” she stated.

Diplomats, associated teams and businesspeople will not have privileged entry to the EU, she added.

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