MUNICH – Moscow would have restricted its access to financial markets and high-tech goods under Western sanctions that are being prepared should Russia attack Ukraine, a senior European Union official said on Saturday.
Ursula von der Leyen’s comments, head of the EU Executive Committee, came as tensions grew over Russia’s intentions towards Ukraine. President Biden said Friday he was convinced Russian President Vladimir Putin had decided to invade the neighboring country.
EU Commission President Ursula von der Leyen speaks at the Munich Security Conference in Germany on Saturday. Michael Probst/Associated Press
“The Kremlin’s dangerous thinking, straight from a dark past, could cost Russia a prosperous future,” von der Leyen said at the annual Munich Security Conference, which was also attended by US Vice President Kamala Harris.
Von der Leyen said the EU executive had worked out a “robust and comprehensive package” of possible financial sanctions against Russia with the US, Britain and Canada.
“If Russia strikes, we will limit access to financial markets for the Russian economy and (impose) export controls that will prevent Russia from modernizing and diversifying its economy,” she added. “And we have a lot of high-tech goods where we have global dominance that are absolutely necessary for Russia and cannot be easily replaced.”
British Prime Minister Boris Johnson said Britain is closely coordinating its sanctions with the EU.
“If Russia invades its neighbors, we will sanction Russian individuals and companies that are of strategic importance to the Russian state and we will make it impossible for them to get funding on the London capital markets,” he said in Munich. Johnson added that authorities would be looking for “the ultimate beneficiaries” of Russian-owned companies and facilities.
Chancellor Olaf Scholz said that in a meeting with Putin on Tuesday he “made it clear that any further violation of Ukraine’s territorial integrity will entail high political, economic and geostrategic costs for Russia”.
Western leaders have not yet specified what exact Russian action would trigger sanctions. A French official, who was not authorized to be named publicly and spoke on condition of anonymity after Biden consulted with several colleagues on Friday, said they were talking about an invasion of areas currently under government control stand in Kiev.
“In the event of an invasion of that territory, the massive sanctions we’re talking about would be triggered,” the official said.
Parts of eastern Ukraine are under the control of pro-Russian separatists who have been fighting Ukrainian forces since 2014, the year Russia annexed Ukraine’s Crimea peninsula.
German Foreign Minister Annalena Baerbock, when asked what Russian actions would trigger sanctions, gave no details after a meeting in Munich with her counterparts from the Group of Seven and Ukraine.
“A violation of the integrity and sovereignty of Ukraine is a violation of the integrity and sovereignty of Ukraine,” Baerbock said. “You can’t say that one geographic part is a little more Ukraine and another is a little less Ukraine.”
She said Western officials have made it clear that an actual invasion is not the only possible scenario but “are prepared for any situation.” Using a chess analogy, the German minister said: “If you present your next five moves publicly, you will not be particularly successful.”
Speaking in Munich with other members of the US Congress, House Speaker Nancy Pelosi said sanctions could include the SWIFT banking system, which could cut off Russia from most international financial transactions.
“It’s still a matter of negotiation,” Pelosi said.
Kicking Russia out of SWIFT would hurt other economies too, including the US and key ally Germany.
Asked if Congress, which is on recess next week, would come back earlier if Russia invaded Ukraine, Pelosi said “the President has the authority to implement these sanctions without Congress.”
Regardless of what action Russia takes, Pelosi said there is a price to be paid for what Putin has already done.
“You can’t bully the world and go for a walk and be off the hook,” she said.
Invalid username / password.
Please check your email to confirm and complete your registration.
Use the form below to reset your password. If you have submitted your account email, we will send you an email with a reset code.
” previous
Maine lobster is at risk of losing its sustainability label over right whale concerns
Next ”
Income tax exit up for debate in long-impoverished Mississippi
similar posts
Comments are closed.