Jacques Serais
The 27 EU member states on Tuesday approved a “sanctions package” “unanimously” against Russia, which will “hurt it very badly”, after its decision to recognize the separatist territories in the east of the Ukraine. These sanctions still need to be formally adopted to enter into force.
After eight years of war, Russian President Vladimir Putin, godfather of pro-Russian separatists, announced Monday evening in a televised address the deployment of his army in eastern Ukraine to “maintain peace”. It also recognized the independence of the region’s two self-proclaimed republics, Donetsk and Lugansk. So to retaliate, the European Union first wants to try to hit the Russian economy in the wallet. While indicating that new sanctions could still be recorded.
An emergency council of European foreign ministers was held on Tuesday to take sanctions against Russia. Following this meeting, Josep Borrell, the head of European diplomacy and Jean-Yves Le Drian expressed themselves in order to detail the decisions of the member countries of the EU.
Targeting Russian banks
To respond to Vladimir Putin, the 27 Member States of the Union have agreed: the European Union will target Russian banks and prevent them from accessing the European capital and financial services market. Consequently, it should normally be impossible for Russia to refinance its debt via European funds.
Sanctions were also planned against companies located in the Donbass. The EU announces that it will stop its imports, if any, from this Ukrainian separatist region. For its part, Germany is suspending the certification of the Nord Stream 2 gas pipeline, which is supposed to transport Russian gas in the coming months. A suspension heavy with meaning but which does not mean that this infrastructure will be definitively abandoned.
Finally, this first package of sanctions must also target Russian deputies and certain military officials, i.e. 378 individuals in total. But not Vladimir Putin. Because the wish of Europe is still to leave the door open to diplomacy, while indicating that new sanctions could be recorded if the master of the Kremlin decides to go further.