EU proposes financial sanctions targeting Russian banks and personalities

The European Union (EU) submitted a proposal this Tuesday, February 22, to impose sanctions against Russia, which will target its banks and their EU market access.

In a joint statement, the Commission and the European Council proposed to ban Russian authorities from accessing European financial markets and services and to target banks “financing Russian military operations in the Ukrainian separatist regions.”

They also intend to stop trade between the two separatist entities and the EU, “to ensure that those responsible suffer clear economic consequences for their illegal and aggressive actions.”

The proposals are currently being submitted to the foreign ministers of each member state, meeting in Paris at 3 pm.

Norway, which is not a member of the EU, has assured that it will join the European decisions.

Even before the common sanctions were taken, the German Chancellor announced the “suspension” of the authorization process for Nord Stream 2, a gas pipeline set to cross the Baltic Sea between Russia and the German coast.

The decision was demanded by Kyiv and “welcomed” by US president Joe Biden.

Germany has also said it is “ready” to deploy more soldiers to Lithuania, according to statements by Federal Defense Minister Christine Lambrecht, during a visit to the Baltic country.

British Prime Minister Boris Johnson said his country would impose sanctions on five Russian banks and three Russian personalities.

This move comes after Russian President Vladimir Putin announced his country will recognize the independence of Donetsk and Lugansk, two Ukrainian territories in the east of the country, and directed an order to send Russian forces to the area for “peacekeeping.”

Putin signed two decrees declaring the independence of the territories on Monday night, which the Russian Parliament ratified this Tuesday.

He insisted that he “has no intention of restoring the Russian empire” during a meeting with his Azerbaijani counterpart Ilham Aliyev in the Kremlin, adding that “this absolutely does not correspond to reality.”