EU and G7 adopt new sanctions against Russia

On Friday 11 March, the EU and our partners in the G7 adopted a new package of restrictive measures against Russia.

This new package of sanctions affects trade, market access, membership in international financial institutions, crypto-assets, exports of luxury goods and targeting of steel and energy sectors.

President Ursula von der Leyen of the European Commission said in a statement:

“Russia's ruthless invasion of Ukraine continues. Civilians are relentlessly attacked, including in schools, apartment buildings, and hospitals. And despite repeated offers by the Ukrainian side, Russia has not shown any willingness to seriously engage so far in negotiations for a diplomatic solution. Instead, all we hear are new lies and false accusations. And cynically, humanitarian corridors are either still not opened or being bombed by Russian forces shortly after they are announced.

The EU and our partners in the G7, continue to work in lockstep to ramp up the economic pressure against the Kremlin. The three sweeping waves of sanctions we have adopted, as well as the extension of their scope this week, have hit Russia's economy very hard. The ruble has plummeted. Many key Russian banks are cut-off from the international banking system. Companies are leaving the country, one after the other, not wanting to have their brands associated with a murderous regime. Tomorrow, we will take a fourth package of measures to further isolate Russia and drain the resources it uses to finance this barbaric war.”

Josep Borrell, High Representative of the European Union for Foreign Affairs and Security Policy / Vice-President of the European Commission reiterated the purpose of the sanctions in a statement:

“The international community - about 40 countries - has introduced sanctions in response to President Putin’s war and they are hitting his regime hard.

The aim of the sanctions is to stop the reckless, inhuman and aggressive behaviour of the Russian troops. As long as he does not stop attacking Ukraine and the Ukrainian people, we will continue to adopt restrictive measures. “

More information:

Statement by President von der Leyen on the fourth package of restrictive measures against Russia
ec.europa.eu/commission/presscorner/detail/en/statement_22_1724

Russia/Ukraine: Statement by High Representative/Vice-President Josep Borrell on the fourth package of restrictive measures
eeas.europa.eu/headquarters/headquarters-homepage/112682/russiaukraine-statement-high-representativevice-president-josep-borrell-fourth-package_en

G7 Leaders’ Statement, 11 March 2022
www.consilium.europa.eu/en/press/press-releases/2022/03/11/g7-leaders-statement-11-march-2022/

Latest news on Ukraine:
eeas.europa.eu/headquarters/headquarters-homepage/111539/latest-news-ukraine_en

Link to original source:
EU and G7 adopt new sanctions against Russia - European External Action Service (europa.eu)