EU chief: Russia could be cut off from markets, tech goods


PTI, Feb 20, 2022, 11:49 AM IST

Image Source: Flickr

Munich: Moscow would have its access to financial markets and high-tech goods limited under Western sanctions being prepared in case Russia attacks Ukraine, a top European Union official said Saturday.

The comments from Ursula von der Leyen, head of the EU’s Executive Commission, came as tensions over Russia’s intentions toward Ukraine intensified. US President Joe Biden said Friday he was convinced” that Russian President Vladimir Putin has decided to invade the neighbouring country.

“The Kremlin’s dangerous thinking, which comes straight out of a dark past, may cost Russia a prosperous future,” von der Leyen said Saturday during the annual Munich Security Conference, where US Vice President Kamala Harris also spoke.

Von der Leyen said the EU’s executive arm has developed a “robust and comprehensive package” of possible financial sanctions against Russia with the US, UK and Canada.

“In case that Russia strikes, we will limit the access to financial markets for the Russian economy and (impose) export controls that will stop the possibility for Russia to modernise and diversify its economy,” she added. “And we have a lot of high-tech goods where we have a global dominance, and that are absolutely necessary for Russia and cannot be replaced easily.” British Prime Minister Boris Johnson said the UK was coordinating its sanctions closely with the EU.

“If Russia invades its neighbour, we will sanction Russian individuals and companies of strategic importance to the Russian state and we will make it impossible for them to raise finance on the London capital markets,” he said in Munich. Johnson added that authorities would look for “the ultimate beneficiaries” of Russian-owned companies and entities.

German Chancellor Olaf Scholz said that, during a meeting Tuesday with Putin, he ”made clear that any further violation of the territorial integrity of Ukraine will have high costs for Russia, politically, economically and geo-strategically.” “And at the same time, I stressed that diplomacy won’t fail because of us,” Scholz added.

”As much diplomacy as possible without being naïve, that is our aspiration, and we are using all channels of communication for that.” Western leaders so far have not specified what precise Russian action would trigger sanctions.

A French official who wasn’t authorised to be publicly named and spoke on condition of anonymity after Biden conferred with several counterparts on Friday said they were talking about an invasion of territory currently under the control of the government in Kyiv.

”It is in the event of an invasion of this territory that … the massive sanctions that we are talking about would be triggered,” the official said.

Parts of eastern Ukraine are under the control of pro-Russia separatists who have been fighting Ukrainian forces since 2014, the year Russia that annexed Ukraine’s Crimean Peninsula.

German Foreign Minister Annalena Baerbock, asked what Russian actions would trigger sanctions, didn’t offer any details after a meeting in Munich with her counterparts from the Group of Seven industrial powers and Ukraine.

“A breach of Ukraine’s integrity and sovereignty is a breach of Ukraine’s integrity and sovereignty,” Baerbock said. “You can’t say that one geographical part is a bit more Ukraine and another is a bit less Ukraine.” She said Western officials have made clear that an actual invasion isn’t the only possible scenario but “are prepared for every situation.”

Using a chess analogy, the German minister said: “If you present your next five moves in public, you won’t be particularly successful.”

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Court rejects Prajwal Revanna’s anticipatory bail plea

World’s hottest day record broken in 24 hours

‘Trust deficit between farmers, govt’: SC proposes panel to talk to protesters at Shambhu border

Intention was to kill me, my family members: Salman Khan’s statement in charge sheet

MUDA ‘scam’: BJP to hold “day-and-night” dharna in Karnataka Assembly, Council

Shirur landslide search ops: Missing truck found submerged in Gangavali River

Got raw deal in budget, no point in attending NITI Aayog meeting, says Deputy CM Shivakumar

Related Articles More

18 killed as plane crashes during takeoff at Kathmandu airport

‘Everything will be good’: Trump tells Palestinian President ahead of Friday meeting with Netanyahu

Harris campaign raises $100 million from 1.1 million people

Trump wants to take US backwards: Kamala Harris in her address to campaign staff

Kamala Harris’ presidential campaign raises $81 million in first 24 hours

MUST WATCH

Brahma Kumaris

Tapta Mudra Dharana

Banana Farming

Aghnashini River

Dr. Rajkumar


Latest Additions

Nita Ambani re-elected unanimously as IOC member

Court rejects Prajwal Revanna’s anticipatory bail plea

World’s hottest day record broken in 24 hours

Heavy rain: Two-day school holiday declared in 6 taluks of Belagavi

Kharge’s ‘mataji’, ‘pakoda-jalebi’ jibe at FM as he raises alleged discrimination against states in Budget

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.