Sanctions imposed by the EU on Russia are starting to have an impact
Key Takeaways:
- According to an EU official, sanctions imposed by the European Union (EU) on Russia in response to its invasion of Ukraine are starting to impact.
- Ursula von der Leyen, President of the European Commission, said on Thursday that if the situation in Ukraine worsens, the EU will take additional sanctions against Russia.
Sanctions imposed by the European Union (EU) on Russia in response to its invasion of Ukraine are beginning to have an impact, according to an EU official.
"We believe the sanctions package we've put on the table is quite impressive, and the first effects are now beginning to show," the official said.
"In terms of the economy, the Moscow stock exchange has been closed since Monday. The rouble's depreciation is also quite impressive. The fact that the Russian Central Bank was forced to raise its interest rate to 20%."
European Commission President Ursula von der Leyen said on Thursday that if the situation in Ukraine worsens, the EU will take additional measures against Russia. It's also preparing for retaliation from Russia by diversifying the bloc's energy supplies.
"We must become self-sufficient in Russian gas, oil, and coal." "Our determination to pursue this case further is stronger than ever," she added.
"We still have a lot of ideas about how we can move forward with sanctions, whether it's on trade, energy, exports, or shipping," an EU official said on condition of anonymity.
While the EU waits for its sanctions to "bite," a second EU official said that the bloc is analyzing how to target Russian crypto assets and working on "make sure Belarus can't be used as a loophole" by Russians to avoid sanctions.
Britain's foreign secretary, Liz Truss, stated on Thursday that the West must ensure that the Russian bank has no access to the SWIFT messaging system.
On Thursday, Japan's prime minister stated that the country would impose additional sanctions against Russia, including a possible airspace ban.
"As for additional measures, such as a ban on Russian planes flying over Japan's airspace," Prime Minister Fumio Kishida told a press conference, "we need to take appropriate steps while working with the G7 and international community."
In the wake of the recent conflict in Ukraine, the China-backed Asian Infrastructure Investment Bank announced on Thursday that it has put all activities relating to Russia and Belarus on hold and is reviewing them.