EU sanctions on Russia and its financial downsides

The European Union impose heavy sanctions on Russia

EU SANCTIONS ON RUSSIA AND ITS FINANCIAL DOWNSIDES

EU sanctions on Russia and its financial impacts

The EUROPEAN UNION has agreed to place heavy sanctions on Russia after President Putin invaded Ukraine. President of European Commission, Ursula Von der Leyen announced the EU have adopted the “fourth package of sanctions against Russia”

Ukrainian President Volodymyr Zelensky have been advocating for the European Union, the United States and other developed countries to place heavy sanctions on Russia.

“Discussed with President of European Commission Ursula Von der Leyen, the support for Ukraine in countering Russian aggression. Increasing sanctions pressure on Russia is important. We also appreciate significant financial assistance. Ukraine continue to move towards membership in the EU” Zelensky posted one of his several messages on sanctions.

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While advanced countries including Germany, UK, US etc. imposed sanctions, the European Union was still making deliberations in series of meetings. Now, the wait is over.

HERE ARE THE SANCTIONS AND ITS IMPLICATIONS

■ The European Union adopts “the strongest of sanctions”

The sanctions will cripple Russian economy even more. French Finance Minister, Bruno Le Marie explain how the sanctions are going to negatively affect Russia’s financial sector. According to him, this sanctions will affect about 600 Russians.

“First of all if you allow me, I will like to insist on the new package of sanctions that will be adopted this morning. That’s the strongest package of sanctions ever adopted by the European Union in its history. That’s a historical decision. You will have more than 600 Russian people targeted by those sanctions. You will have a large part of the financial system being targeted by those sanctions. You will have a new ban on some exportation, like luxury goods, and we will withdraw from the Russian state the most favoured nation clause within the World Trade Organization, which will allow us, all the 27 member states to increase the level of trade tariffs on all Russian goods” Euronews disclosed

HERE ARE SOME EU SANCTIONS ON RUSSIA AND ITS IMPLICATIONS

■ An port ban on Russian steel products

■ A new investment ban on Russian energy sector

■ Ban on all luxury goods

These include luxury cars, champagne, apparel etc.

■ A ban on credit rating services for Russian companies

■ Revoking Russia’s most favoured nation status

The most favoured nation status

■ Assets freezes of Russian Oligarchs

Russian Oligarchs are highly powerful people President Vladimir Putin has allegedly built around him.

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Aside these Oligarchs, the 600 Russians include some key persons who lobby for government contracts, who are enablers of Putin regime.

A statement from European Council said “Key oligarchs, lobbyists and propagandists pushing the Kremlin’s narrative on Ukraine, as well as Key companies in the aviation, military and dual use, shipbuilding and machine building sectors”

WHAT ARE SOME OF THE PROBLEMS FACING THE WORLD IN REGARDS TO RUSSIA INVADING UKRAINE?

■ Russia invading Ukraine has become a global problem with price of goods and services going up. Many are not able to fuel their vehicles due to high price on crude oil.

■ Humanitarian crisis: over 3 million refugees have fled Ukraine to other neighbouring countries in the past weeks. French President Emmanuel Macron announced hours ago the French government have received more than 15,000 refugees from Ukraine

“To date, more than 15000 refugees from Ukraine have arrived in France. They benefit from temporary protection. We offer them accommodation as well as social administrative amd health support”

The United Kingdom and the United States also received some refugees. Poland alone is said to recieve over 1.8million people. According to UNICEF more than half of the refugees are children. “Every second, a Ukraine child becomes a refugee”

■ Security problems: President Joe Biden and former President Donald Trump have all warned things may further escalate if stringent measures are not adopted. President Zelensky have also been advocating for a no-fly zone over Ukraine Why President Zelensky want a no-fly zone over Ukraine but NATO officials says a no fly zone means a declaration of war. “It could lead to a nuclear war”. American President had also warn President Putin not to enter any NATO territory because they are very prepared to defend every NATO territory.

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