EU to weaken Russia’s economic base by freezing all its accounts, others

The President of the European Commission, Ursula von der Leyen, has said that new sanctions will be imposed on Russia over its attack on Ukraine.

She said this in an emergency statement on Thursday. The sanctions include stopping access of Russia’s banks to the European financial market and targeting Kremlin interests and freezing its assets in the EU.

On Wednesday, the first kind of sanctions were approved by the EU which included blacklisting Russian politicians and curbing trade between the EU and two breakaway regions of eastern Ukraine whose independence Putin has recognised.

What the EU is saying

The European Commission’s president noted that President Putin is to be held accountable for the return of war to Europe.

President Putin is responsible for bringing war back to Europe. With this package, we will target strategic sectors of the Russian economy by blocking their access to key technologies and markets,” she said

She further said, “We will weaken Russia’s economic base and its capacity to modernise. In addition, we will freeze Russian assets in the EU and stop the access of Russian banks to the European financial market.

Josep Borrell, the bloc’s foreign policy chief also said the new sanctions which will be discussed at the evening summit of National EU leaders to be held today will be “the harshest package of sanctions we have ever implemented.”

Mr Borell noted that the attack was one of the darkest hours for Europe since the end of World War Two. He said Russia’s leadership will face unprecedented isolation.

He also said, “We will also be active in supporting evacuation operations, including our own staff in zones affected by this Russian attack.”

The emergency summit which is scheduled to hold today will start by 1900 GMT.

In case you missed it

Putin ordered a special military operation in Ukraine’s eastern Donbas region, immediately followed by reports of explosions, propelling the country into war after months of massive Russian troop build-ups.

The United Nations has urged Russia to send its troops back to Russia and end the conflict in Ukraine.

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