European Union Sanctions Russia Over Ukraine Crisis
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The European Union (EU) members agreed on Tuesday to impose a first round of economic sanctions against Russia over the Ukraine crisis.
The 27 members of the EU agreed on the measures against
Russia at an informal meeting in Paris. Britain imposed sanctions on five
Russian banks and three billionaires. Prime Minister Boris Johnson called
"the first barrage" of measures in response to Russia’s actions in
Ukraine. The United States imposed sanctions against two large Russian
financial institutions and Russian sovereign debt. Joe Biden said that the
sanctions against Russia's sovereign debt meant that the Russian government
would be cut off from Western financing.
Russian President Vladimir Putin on Monday told Russia's
defence ministry to deploy forces into two breakaway regions of Ukraine after
recognising them as independent, raising fears of war in Europe. The first
round of sanctions will also target Russian parliament members, who backed
recognising the breakaway regions as independent.
Josep Borrell Fontelles, the bloc’s foreign policy chief,
said that sanctions had been agreed upon unanimously at the meeting. Borrell
said, “The sanctions will hurt Russia a lot.” He added that the measures will
target the 351 lawmakers who voted in favour of recognising the breakaway
regions as independent, along with 27 individuals and entities who threaten
Ukrainian territory and sovereignty. Reportedly, the measures will now be
formally approved by Brussels as part of the EU's response to Vladimir Putin's
recognition of two breakaway regions in eastern Ukraine.
European Commission President Ursula von der Leyen said,
"Our action today is a response to Russia's aggressive behaviour."
Borrell said “Russian troops have entered Donbas. We
consider the Donbas part of Ukraine.” Borrell added, “I wouldn’t say it is a
fully-fledged invasion, but Russian troops are on Ukrainian soil.” The EU had
warned that there would be major consequences for Russia's economy if Russia
invaded Ukraine.
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