European Union announces new sanctions “with maximum impact” on Russia

Sanctions will have the maximum impact on the Russian economy and the political elite,”, European Commission President Ursula von der Leyen said at a joint press conference with French President Emmanuel Macron. “We consider the Kremlin” responsible, she said.

She said financial sanctions cut off Russia's most important capital markets and that they now target 70% of the Russian banking market and major state companies reports journalist Hira Humayun of “CNN” Sanctions will increase Russia's borrowing costs, will increase inflation, and “grade will erode Russia's industrial base,”, it said.

“We are also targeting Russian elites by curbing their deposits so that they no longer hide their money in safe havens in Europe,” she added.

A ban on exports would also hit Russia's oil sector and would ban the sale of all spare parts and aircraft equipment on Russian airlines, which Von der Leyen said would hit a key Russian economy sector and the country's connection. Sanctions also limit Russia's access to the key <x0technology,”, it said.

Diplomats, linked groups and businessmen will no longer have privileged access to the EU, she added.