European Union slaps sanctions on top Russia officials, banks, trade

Russia's energy sector was hit, too notably oil and coal and the bloc, through its own measures and political decisions combined with retaliation from Moscow

AP Brussels
Photo: Reuters

Photo: Reuters

The European Union agreed on Saturday to impose new sanctions on Russia over its invasion of Ukraine targeting more officials and organizations accused of supporting the war, spreading propaganda or supplying drones, as well as restricting trade on products that could be used by the armed forces.

The EU's Swedish presidency said the sanctions "are directed at military and political decision-makers, companies supporting or working within the Russian military industry, and commanders in the Wagner Group. Transactions with some of Russia's largest banks are also prohibited.

Asset freezes were slapped on three more Russian banks and seven Iranian entities companies, agencies, political parties or other organisations that manufacture military drones, which the EU suspects have been used by Russia during the war.

The new measures, proposed by the EU's executive branch three weeks ago, were only adopted after much internal wrangling over their exact make-up, and made public one day after the first anniversary of Russia's invasion of Ukraine the intended target date.

The delay, which was minor but symbolically important, is yet more evidence of how difficult it has become for the 27-nation bloc to identify new targets for restrictive measures that are acceptable to all member nations.

The sanctions are meant to undermine Russia's economy and drain funds for its war effort, but they are also increasingly inflicting pain on European economies already hit by high inflation and energy prices and still suffering from the effects of the COVID-19 pandemic.

Also Read

UN draft resolution calls for peace to ensure Ukraine's sovereignty

UK announces new tranche of sanctions against Russia over Ukraine war

Ukraine urges nations to vote to preserve its territory in UN resolution

China could use US oil to support Ukraine's invasion, say GOP lawmakers

Vladimir Putin faces grim choices after blast hits prized Crimea bridge

Chickens, ducks to be culled as Jharkhand reports bird flu outbreak

Property tax will be implemented in consultation with public: J&K LG Sinha

Mahindra withdraw from Formula E race due to rear suspension concerns

Not judges but system at fault, taking steps to improve it, says Rijiju

Eight ISIS operatives convicted by NIA court in terror conspiracy case

Before this latest round of measures, the EU had already targeted almost 1,400 Russian officials, including President Vladimir Putin, government ministers, lawmakers and oligarchs believed loyal to the Kremlin, but also officers believed responsible for war crimes or targeting civilian infrastructure.

The bloc had also frozen the assets of more than 170 organisations, ranging from political parties and paramilitary groups to banks, private companies and media outlets accused of spreading pro-Kremlin propaganda.

Russia's energy sector was hit, too notably oil and coal and the bloc, through its own measures and political decisions combined with retaliation from Moscow, was rapidly weaned off its dependence on Russian natural gas.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Feb 25 2023 | 8:11 PM IST

Explore News