E-Paper
‘EU sanctions on Russia starting to have an effect’
An official of the European Union said sanctions against Moscow over its invasion of Ukraine are starting to have an ‘initial impact.’
The European Union’s (EU) sanctions against Russia over its invasion of Ukraine are starting to have an initial impact, an EU official said on Thursday.
“We believe that the package of sanctions we’ve put on the table is quite impressive and is now starting to have the first effects,” the official said.
“Take the economic side, we have the Moscow stock exchange being closed since Monday. The depreciation of the rouble is also quite impressive. The fact that the Russian Central Bank had to double his interest rate to 20% also.”
European Commission president Ursula von der Leyen said on Thursday that the bloc will take additional steps against Russia if the situation on the ground in Ukraine deteriorates. It is also preparing in case of Russian retaliation, including diversifying the bloc’s energy supplies.
“We need to get independent from Russian gas, oil and coal. Our resolve to go forward in this case is stronger than ever,” she added.
“We still have many ideas how we can take work forward when it comes to sanctions, whether it’s on trade, whether it’s on energy, whether it’s on exports, on .... shipping,” said the EU official on condition of anonymity.
A second EU official said that while the bloc waits for its sanctions “to bite” there is analysis under way on how to target Russian crypto assets and work on how to “make sure that Belarus can’t be used as a loophole” by Russians to sidestep sanctions.
Separately, British foreign secretary Liz Truss said on Thursday that the West needs to make sure no Russian bank has access to the SWIFT messaging system,.
Japan’s prime minister indicated on Thursday said that the country will impose more sanctions on Russia including a possible airspace ban.
“As for additional measures including a ban on Russian airplanes in Japan’s airspace, we need to take appropriate steps while working with the G7 and international community,” Prime Minister Fumio Kishida told a press conference.
The China-backed Asian Infrastructure Investment Bank said on Thursday that it has put on hold and is reviewing all activities relating to Russia and Belarus in the wake of the current conflict in Ukraine.
