Daily Management Review

EU Imposes New Sanctions On Russia And Says "Putin Must And Will Fail"


President Vladimir Putin "must and will fail," senior European Union leaders warned on Friday as they agreed to fresh sanctions in response to his invasion of Ukraine, claiming he was attempting to return Europe to an era of empires and clashes.
Following Putin's declaration of war, Russia began an invasion by land, air, and sea on Thursday. As explosions and gunfire shook major cities, an estimated 100,000 people fled. Hundreds of people have been slain, according to reports. find out more
At an extraordinary overnight conference, the bloc's leaders decided in principle to impose further economic penalties, joining the United States and others in adopting moves such as limiting Russia's access to technology.
As part of "the harshest package of sanctions we have ever implemented", the EU would freeze Russian assets in the union and deny Russian banks access to European financial markets, according to EU foreign policy head Josep Borrell.
"This package includes financial sanctions, targeting 70% of the Russian banking market and key state owned companies, including in defence," EU Commission chief Ursula von der Leyen said on Twitter.
She told a news conference that the sanctions, which also limit Russia's access to financial markets, would increase Russia's borrowing costs and raise inflation there.
Von der Leyen also said that export curbs to Russia would hurt its oil sector by stopping access to material it needs from the EU for its oil refineries. That will, over time, trigger a depletion in Russia's oil refining revenues, she said.
However, whereas the United States issued detailed sanctions on Thursday, EU countries, split over just how far to go, left details to be worked out in the coming days.
During the same press conference, French President Emmanuel Macron stated that the conflict demonstrated Europe's need to become a true power and be self-sufficient in the areas of energy and security.