EU chief: Russia could be cut off from markets, tech goods
MUNICH — Moscow would have its entry to monetary markets and high-tech items restricted underneath Western sanctions being ready in case Russia assaults Ukraine, a prime European Union official mentioned Saturday.
The feedback from Ursula von der Leyen, head of the EU’s Govt Fee, got here as tensions over Russia’s intentions towards Ukraine intensified. U.S. President Joe Biden mentioned Friday he was satisfied” that Russian President Vladimir Putin has determined to invade the neighboring nation.
“The Kremlin’s harmful considering, which comes straight out of a darkish previous, could value Russia a affluent future,” von der Leyen mentioned throughout the annual Munich Safety Convention, the place U.S. Vice President Kamala Harris additionally spoke.
Von der Leyen mentioned the EU’s govt arm has developed a “sturdy and complete package deal” of attainable monetary sanctions in opposition to Russia with the U.S., U.Okay. and Canada.
“In case that Russia strikes, we are going to restrict the entry to monetary markets for the Russian financial system and (impose) export controls that can cease the likelihood for Russia to modernize and diversify its financial system,” she added. “And we have now a variety of high-tech items the place we have now a world dominance, and which might be completely mandatory for Russia and can’t be changed simply.”
British Prime Minister Boris Johnson mentioned the U.Okay. was coordinating its sanctions carefully with the EU.
“If Russia invades its neighbor, we are going to sanction Russian people and corporations of strategic significance to the Russian state and we are going to make it not possible for them to boost finance on the London capital markets,” he mentioned in Munich. Johnson added that authorities would search for “the final word beneficiaries” of Russian-owned corporations and entities.
German Chancellor Olaf Scholz mentioned that, throughout a gathering Tuesday with Putin, he “made clear that any additional violation of the territorial integrity of Ukraine could have excessive prices for Russia, politically, economically and geo-strategically.”
Western leaders up to now haven’t specified what exact Russian motion would set off sanctions. A French official who wasn’t licensed to be publicly named and spoke on situation of anonymity after Biden conferred with a number of counterparts on Friday mentioned they have been speaking about an invasion of territory presently underneath the management of the federal government in Kyiv.
“It’s within the occasion of an invasion of this territory that … the huge sanctions that we’re speaking about could be triggered,” the official mentioned.
Components of japanese Ukraine are underneath the management of pro-Russia separatists who’ve been preventing Ukrainian forces since 2014, the 12 months Russia that annexed Ukraine’s Crimean Peninsula.
German Overseas Minister Annalena Baerbock, requested what Russian actions would set off sanctions, didn’t provide any particulars after a gathering in Munich along with her counterparts from the Group of Seven industrial powers and Ukraine.
“A breach of Ukraine’s integrity and sovereignty is a breach of Ukraine’s integrity and sovereignty,” Baerbock mentioned. “You may’t say that one geographical half is a little more Ukraine and one other is a bit much less Ukraine.”
She mentioned Western officers have made clear that an precise invasion is not the one attainable situation however “are ready for each scenario.” Utilizing a chess analogy, the German minister mentioned: “If you happen to current your subsequent 5 strikes in public, you will not be significantly profitable.”
In Munich with different members of the U.S. Congress, Home Speaker Nancy Pelosi mentioned sanctions may embrace the SWIFT banking system, which may lower Russia off from most worldwide monetary transactions.
“That is nonetheless a matter of negotiation,” Pelosi mentioned.
Kicking Russia out of SWIFT would additionally damage different economies, together with these of the U.S. and key ally Germany.
Requested whether or not Congress, which is in recess subsequent week, would come again early if Russia invades Ukraine, Pelosi mentioned “the president has the authority to implement these sanctions with out the Congress.”
No matter what actions Russia takes, Pelosi mentioned there is a worth to pay for what Putin has carried out already.
“You may’t bully the world and take a stroll and also you’re off the hook,” she mentioned.
Geir Moulson reported from Berlin. Angela Charlton in Paris and Jill Lawless in London contributed to this report.
Observe AP’s protection of Russia-Ukraine tensions at https://apnews.com/hub/russia-ukraine