EU and US Impose New Sanctions on Russia
In a significant move to tighten sanctions on Russia, the European Union and the United States have announced new measures aimed at curtailing Russia's war efforts in Ukraine. On Thursday, the European Union countries agreed to impose a new batch of sanctions described as 'strong and important,' targeting various sectors to close existing loopholes.
Belgium, which currently holds the presidency of the European Union, revealed on the 'X' platform that the new package 'provides new targeted measures and enhances the impact of current sanctions by filling the loopholes.' This marks the 14th package of sanctions imposed by the EU since the onset of the conflict.
Global Reaction to Sanctions
Russian President Vladimir Putin, following his discussions with North Korean leader Kim Jong Un in Pyongyang, criticized the sanctions policy of the West. Putin stated, 'We oppose the practice of imposing politically motivated sanctions and restrictions. Such illegitimate measures only lead to undermining the economic and political system globally.' He emphasized the need to reconsider the sanctions regime imposed by the UN Security Council, particularly those inspired by the United States and its allies.
Meanwhile, the United States has also unveiled a comprehensive package of sanctions aimed at restricting Moscow's war efforts in Ukraine. The US Treasury Department announced new sanctions on over 300 entities and individuals to prevent Russia from acquiring products and services necessary for its military production. This move also targets entities in Asia, Europe, and Africa, including dozens of Chinese suppliers.
The sanctions aim to limit the Russian army's access to American technologies and target key sectors of Russia's financial infrastructure, including the Moscow Stock Exchange. This coordinated effort by the EU and the US signifies a robust stance against Russia's ongoing military actions in Ukraine.
- The new EU sanctions notably target the supply of liquefied natural gas (LNG), marking a first in the series of sanctions. Some EU member countries had previously circumvented sanctions and continued to buy Russian LNG. This decision, welcomed by the President of the European Commission Ursula von der Leyen, aims to further deprive Russia of access to key technologies and additional energy-related revenues.
- Von der Leyen stated on the 'X' platform, 'This impactful plan will further deprive Russia of access to key technologies. This would deprive Russia of additional energy-related revenues. And tackle Putin's shadow fleet and parallel banking network abroad.' The previous package of sanctions, announced in February, had targeted Chinese companies with links to Russian forces engaged in Ukraine, as well as companies from India, Turkey, and Serbia for their contributions to the Russian war effort.
