The European on Tuesday agreed in unanimity to impose sanctions on Russia to respond to its “illegal actions against Ukraine”.
In a statement, High Representative of the EU for Foreign Affairs and Security Policy Josep Borrell on Tuesday said the EU sanctions package will hit 351 members of the Russian State Duma (parliament) who voted for the recognition of Donetsk and Luhansk regions of Ukraine as independent states.
They will also affect 27 individuals and entities undermining Ukraine’s territorial integrity, sovereignty and independence, Borrell said.
“This will cover political, military, business and media sectors,” he added.
Additionally, he said the sanctions will target economic relations between the two breakaway regions and the European Union as well as the ability of the Russia to access the EU’s capital and financial markets.
“These actions are being taken in close coordination with our partners and allies. No more shopping in Milano, partying in Saint, Tropez Diamonds in Antwerp. This is a first step,” Borrell said.
This came moments after the United States said it would announce the first of what could be multiple levels of new sanctions and export controls against Russia.
This was in response to Moscow’s decision to recognize two breakaway regions of Ukraine as independent and send troops there.
The UK also imposed sanctions on Gennady Timchenko and two other billionaires with close links to President Putin.
Prime Minister Boris Johnson said Russia was heading towards “pariah status” and that the world must now brace for the next stage of Putin’s plan, saying that the Kremlin was laying the ground for a full-scale invasion of Ukraine.
Boris told parliament that five banks – Rossiya, IS Bank, GenBank, Promsvyazbank and the Black Sea Bank – were being sanctioned, along with three people – Timchenko, and the brothers Igor and Boris Rotenberg.
Germany put a stop to a key Russian gas pipeline following Putin’s orders to send troops into Ukraine.
The Nord Stream 2 pipeline has been supported by Germany despite opposition from countries such as the US, UK, Poland and Ukraine. It cost €10bn (£8.4bn), with the funding split between Russian and Western energy companies.
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