EU Agrees on Second Sanctions Against Russia Including Financial, Energy, and Export Controls Following Ukraine Airstrikes

[Image source=EPA Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] As Russia began its attack on Ukraine on the 24th (local time), the 27 member states of the European Union (EU) agreed on additional sanctions targeting Russia's financial, energy, and transportation sectors, including export controls.

According to Deutsche Welle (DW) and others, EU leaders held an emergency summit in Brussels, Belgium, on the same day and announced, "We have agreed on additional sanctions that will have a large and serious impact on Russia." This second round of sanctions came just two days after Russian President Vladimir Putin approved the separatist independence of the eastern Donbas region on the 22nd, prompting the EU to impose the first round of sanctions.

The EU leaders explained that these sanctions cover the financial, energy, and transportation sectors, dual-use military and civilian products, export controls, export financing, and visa policies, with additional Russian individuals to be added to the sanctions list. They also urged urgent preparations for an economic sanctions package including Belarus and additional sanctions on individuals.

Charles Michel, President of the European Council, emphasized in a statement immediately after the summit, "The new sanctions will bring enormous and serious consequences to Russia." Josep Borrell, EU High Representative for Foreign Affairs and Security Policy, also described it as "one of the harshest sanction packages we have implemented so far."

Earlier that day, Ursula von der Leyen, President of the European Commission, announced that the EU would impose the strongest sanctions yet, including freezing Russian assets within the EU and blocking Russian banks' access to EU financial markets. She warned that these sanctions would weaken Russia's technological status in key areas from advanced technology components to software, suppress economic growth, and weaken the industrial base.

However, the inclusion of blocking Russia from the SWIFT payment system, used by banks worldwide, was reportedly excluded due to differing interests among member states. The Baltic States and Ukraine have called for Russia to be cut off from this system, but Germany opposes including this in the second round of sanctions.

In their statement, EU leaders strongly condemned Russia's unprecedented military attack on Ukraine and called on Russia to immediately cease military actions and unconditionally withdraw all troops and military equipment from the entire territory of Ukraine. They also condemned Belarus's involvement in the attack and urged the country to comply with international obligations.

These sanctions will take effect after official approval and publication in the official journal. EU leaders pledged to adopt the sanctions without delay.

This content was produced with the assistance of AI translation services.