So far, no measures have been taken such as removing Russia from the SWIFT communication system for financial transactions or blocking the energy supply.
The Heads of State and Government of the European Union (EU) have agreed on the first response to the Russian aggression, although they announce that there will be more sanctions that will be applied gradually, depending on the evolution of events in Ukraine.
At Thursday’s extraordinary summit, EU leaders have adopted “massive” and unprecedented measures, including restrictions on banks, energy, finance, exports, transport and visa policybut they do not contemplate measures demanded by Ukraine such as removing Russia from the SWIFT financial transaction communication system, which facilitates financial transactions, or blocking energy supply.
The objective has been to respond quickly and unified to the pulse with Putin, agreeing on a series of sanctions that had the consensus of the twenty-sevenalthough he left aside the request of countries such as Belgium, Poland or the Baltic countries, which demanded before the summit to go further in the response.
At a press conference after the summit, the President of the European Commission, Ursula von der Leyenhas advanced that the round of sanctions includes the blocking of the 70% the Bank System and Russian state-owned companies to the capital market, which will cause an increase in inflation and weigh down economic growth.
The sanctions will attack the deposits of Russian elites in Europe and the transfer of technology to refine oil, which will cause a major blow in a sector that obtained 24 billion in exports in 2019. Also the operations of certain Russian airlines and visas Russian businessmen and politicians will be blocked, he has revealed.
Source: Eitb
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