Thursday, February 22

EU Also Wants to Hit Russian Organisations and Companies with Sanctions

Individuals and organisations, and companies involved in the Russian recognition of two renegade Ukrainian regions should fear European sanctions.

 

According to insiders, the EU countries are working on a list of hundreds of people and ‘entities’. They are also thinking about banning the trade in Russian government bonds, news agencies DPA and Reuters report.

For example, the sanctions could hit Russian banks that play a role in Ukraine’s separatist republics of Donetsk and Luhansk. Eligible persons include members of the Russian parliament, the State Duma, who has pushed for and agreed to recognise both regions and the rebel leaders.

EU citizens and companies are no longer allowed to do business with them, and they can no longer access assets stored in the union. In addition, sentenced persons are no longer allowed to enter the EU.

It normally takes a long time to impose sanctions against individuals and organisations because they have to be very carefully substantiated by law. Still, the EU countries can act quickly this time, they think. Some targets were already in their sights, and they could use the sanctions arsenal they put in place when Russia annexed Crimea.

At the end of Tuesday afternoon, the ambassadors of the EU countries will meet again in the hope of ending the sanctions.

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