Following the invasion of Russian troops into Ukraine this morning, the European Commission has not only condemned the attack as barbaric and unjustifiable but announced that heavy economic sanctions are underway.
President of the European Commission Ursula von der Leyen said her members will present a package of massive and targeted sanctions to European Leaders for approval.
“With this package, we will target strategic sectors of the Russian economy by blocking their access to technologies and markets that are key for Russia. We will weaken Russia’s economic base and its capacity to modernise. And in addition, we will freeze Russian assets in the European Union and stop the access of Russian banks to European financial markets,” the President of the Commission stated.
The official added, “Like with the first package of sanctions, we are closely aligned with our partners and allies – the United States, the United Kingdom, Canada, but also, for example, Japan and Australia. These sanctions are designed to take a heavy toll on the Kremlin’s interests and their ability to finance war.”
The EC President also called on Russia to immediately stop the violence and withdraw its troops from Ukraine’s territory.
She said, “We will not let President Putin tear down the security architecture that has given Europe peace and stability over many decades. We will not allow President Putin to replace the rule of law by the rule of force and ruthlessness. He should not underestimate the resolve and strength of our democracies.”
The European Commission is the European Union’s (EU) politically independent executive arm. It is responsible for drawing up proposals for new European legislation, and implements the decisions of the European Parliament and the Council of the EU.
