EU targets Russian economy after ‘deluded autocrat’ Putin invades Ukraine

BRUSSELS, Feb 24 (Reuters) – European Union leaders agreed on Thursday to impose new financial sanctions on Russia, becoming a member of the United States and Britain in trying to punish President Vladimir Putin and his allies for unleashing a full-scale attack on Ukraine.

However, the bloc held again from having the harshest actions sought by Ukraine and split in excess of just how significantly to choose the sanctions, leaving specifics to be labored out in the coming times.

Russia’s forces rained missiles on its southern neighbour via the working day in the most significant assault by one particular state versus another in Europe since Entire world War Two. read through a lot more .

Leaders of the 27-nation bloc lambasted Putin at an emergency summit in Brussels, with Latvian Key Minister Krisjanis Karins describing him as “a deluded autocrat producing misery for tens of millions”.

The EU will freeze Russian property in the bloc and halt its banks’ accessibility to European economic marketplaces as aspect of what EU international coverage chief Josep Borrell explained as “the harshest deal of sanctions we have ever executed”.

The sanctions will also goal Russia’s strength and transportation sectors between other individuals, and seek out to stifle its trade and producing with export controls.

“Our sanctions will damage the Russian economic system in its heart,” mentioned Belgian Primary Minister Alexander De Croo.

But a sense of powerlessness was tangible just after Western failed to to prevent a war that they leaders experienced seen coming.

“We had been not successful ample, not decisive enough, to protect against Russia from this action, which is a tragedy for Ukraine, a tragedy for Europe and a tragedy for Russia alone,” mentioned Lithuanian President Gitanas Nauseda.

There are discrepancies within the EU in excess of how much to go with sanctions, with international locations that would deal with the most significant economic backlash keen to preserve the most severe techniques in reserve.

“Hopefully, we will make large strides tomorrow on how these sanctions will glance precisely,” reported Dutch Overseas Minister Wopke Hoekstra. “For the Netherlands, SWIFT is aspect of the dialogue.”

‘MASSIVE AND Significant CONSEQUENCES’

An EU diplomat said the bloc, like the United States, would cease brief of having ways to minimize Russia off from the SWIFT international interbank payments process. read through far more

Ukraine and the EU’s ex-Soviet Baltic states experienced been pushing to take away Russia from the procedure. But asked about SWIFT, German Chancellor Olaf Scholz mentioned: “We need to preserve sanctions all set for later on periods.”

Germany has previously put approval of the Russian-owned Nord Stream 2 Baltic gasoline pipeline on ice.

In a statement agreed at the summit, EU leaders said the new round of sanctions “will impose huge and intense consequences on Russia for its motion, in shut coordination with our associates and allies”.

Russian belongings in the EU would be frozen and Russian banks’ accessibility to Europe’s economic markets would be blocked.

An EU diplomat reported Italy, Germany and Cyprus had been among the individuals that preferred a move-by-phase technique, although central European and Baltic states – all those closest to Russia – desired a tougher stance.

“Russia demands to feel that the price of aggression is important,” claimed Slovenian Prime Minister Janez Jansa, putting on a tie with the Ukrainian flag’s yellow and blue colours.

The EU had now authorized a 1st round of sanctions on Wednesday, including blacklisting Russian politicians and curbing trade amongst the EU and two breakaway locations of japanese Ukraine whose independence Moscow has recognised. browse much more

The EU will also put together a new support package deal for Ukraine and new sanctions from Belarus, applied by some of the Russian invaders to enter Ukraine.

Individually, the bloc also promised assist to Moldova, a different ex-Soviet republic in which a professional-Western govt is at odds with its former overlord Moscow.

“If he (Putin) can assault Ukraine, it could be any other European country. The democratic suggestions, if they were to get to Russia, they would overturn his govt. He is preventing for power,” explained Latvia’s Karins.

Reporting by Sabine Siebold, Bart Meijer, Marine Strauss, John Chalmers, Gabriela Baczynska, Kate Abnett and Foo Yun Chee Writing by Ingrid Melander and John Chalmers Modifying by Kevin Liffey

Our Specifications: The Thomson Reuters Have confidence in Concepts.