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Russia will be deprived of access to international financial markets and to the main export goods of the West in the event of an “invasion of Ukraine,” European Commission President Ursula von der Leyen said in an interview with ARD television.
According to her, if hostilities begin, the export to Russia of “all goods urgently needed for the modernization and diversification of its economy” that are produced in the EU and for which there is no replacement will be banned.
Von der Leyen stressed that Russia’s weak point is its dependence on fossil fuel exports. Hydrocarbons “account for two-thirds of Russian exports and are the source of half of the country’s budget,” she said, adding that the sanctions would make it much more difficult to modernize this particular sector of the economy.
At the same time, the head of the EC clarified that sanctions would not be imposed “until there is some kind of invasion”, because “the transition to sanctions is large-scale and serious” and “Russia needs to be given a chance to return to diplomacy and to the negotiating table” .
Source: Rosbalt
Tristin is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
