Russia Ukraine war

Originally posted by connie58: ↑

Germany made the first big move, taking steps to halt certification of the Nord Stream 2 gas pipeline from Russia - a massive, lucrative deal long sought by Moscow but criticized by the US for increasing Europe's reliance on Russian energy supplies.

US President Joe Biden announced financial sanctions on banks and oligarchs as punishment for what he called 'the beginning of a Russian invasion of Ukraine.'

He said the US would impose 'full blocking' on two large Russian financial institutions and 'comprehensive sanctions' on Russian debt.'That means we've cut off Russia's government from Western finance,' Biden said. 'It can no longer raise money from the West and cannot trade in its new debt on our markets or European markets either.'Biden promised that more sanctions would be coming if Putin proceeds further.

The European Union announced sanctions taking aim at the 351 Duma legislators who voted in favor of recognizing separatist regions in Ukraine, as well as 27 other Russian officials and institutions from the defense and banking world. They also sought to limit Moscow's access to EU capital and financial markets.

This package of sanctions... will hurt Russia and it will hurt a lot,' EU foreign policy chief Josep Borrell said after chairing a meeting of EU foreign ministers in Paris.

British Prime Minister Boris Johnson named five Russian banks and three wealthy individuals whom the UK hit with sanctions on Tuesday.

NATO chief Jens Stoltenberg insisted 'there will be even stronger sanctions, even a higher price to pay' if Putin pushes further into Ukraine

Further options for the US include an export ban that would deny Russia the US high technology for its industries and military and more sweeping financial bans that could cripple Russia's ability to do business with the rest of the world.

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On the EU sanctions, here are more information. I don't think they will shut Russia out of EU "capital and financial markets" - otherwise, they wouldn't be able to buy oil and gas and pay for it. And they don't pay, Russia won't deliver. Effectively, destroying the economies of the EU.

EU members have agreed upon a package of new sanctions against Russia that aims to inflict severe damage on the country after its recognition of breakaway regions in Ukraine, the EU foreign policy chief has said.
The 27 members of the European Union unanimously agreed on the measures at an informal meeting in Paris on the sidelines of an international forum, Josep Borrell said on Tuesday.
“The sanctions will hurt Russia and will hurt a lot,” Borrell said at a press conference with French Foreign Minister Jean-Yves Le Drian.
Targets for asset freezes and visa bans included 351 members of the Duma, Russia’s lower house of parliament, who appealed to Putin to recognise the two regions as independent, he added.
Unanimous agreement
Le Drian, whose country holds the rotating EU presidency, said the member nations had “unanimously agreed on an initial sanctions package”.
He accused Russia of “violating international law” and “breaching its commitments”.
Borrell said the EU also agreed to target 27 individuals and entities “who are playing a role in undermining or threatening Ukrainian territorial integrity, sovereignty and independence”.
Banks financing Russian decision-makers and other operations in those territories are also being targeted, he said.
There will be another meeting of EU ambassadors in Brussels later on Tuesday, when the sanctions are expected to be formally adopted.
Le Drian said he would also cancel the Paris invitation to his Russian counterpart, Sergey Lavrov, for talks in the wake of Putin’s announcement on the recognition of the breakaway regions.
Announcing his decision, Le Drian said that recent developments had shown that Putin “no longer honours Russia’s signature” on international accords.
Borrell added however that “diplomatic action will continue to avert a war in the heart of Europe”.