EU Strengthens Sanctions Against Russia... Targeting Government Officials and Emerging Elite Groups

Formal Approval Expected at EU Summit on 10-11

[Image source=Yonhap News]

[Asia Economy Reporter Cha Min-young] The European Union (EU) agreed on the 9th (local time) to add Russian government officials and "oligarchs (new privileged class)" to the sanctions list, according to foreign media such as AFP and DPA.

According to reports, France, holding the rotating presidency of the EU Council, announced on Twitter that it agreed to expand the sanctions list and apply sanctions to the cryptocurrency and shipping industries.

Three Belarusian banks will also be excluded from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment network.

Josep Borrell, the EU High Representative for Foreign Affairs and Security Policy, stated that the assets of about 100 Russian government officials will be frozen, and entry restrictions targeting them will also be implemented.

AFP reported that the inclusion of cryptocurrency in the sanctions aims to prevent sanctioned parties from evading sanctions by using blockchain financial systems.

The sanctions proposal is expected to be formally approved at the EU summit to be held in Versailles, France, on the 10th and 11th.

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