On 24 February (Thursday), the President of the European Commission, Ursula von der Leyen said, “these events mark the beginning of a new era”. The EU has approved the biggest package of sanctions in the history of the Union. These measures are targeted to have a maximum impact on the Russian economy and on the political elite.

1. Financial sanctions: to cut Russia’s access to the most important capital markets, 70% of the Russian banking market and key state-owned companies. These sanctions will increase Russia's borrowing costs, raise inflation and gradually erode Russia's industrial base. The EU is also targeting the Russian elite by curbing their deposits so that they cannot keep their money in safe havens in Europe.
2. Energy sector: European export ban will hit the oil by making it impossible for Russia to upgrade its oil refineries.
3. Transport sector: EU have banned the sale of all aircrafts, spare parts and equipment to Russian airlines. This will degrade the key sector of Russia’s economy and the country’s connectivity. Three-quarters of Russia’s current commercial air fleet was built in the European Union, the USA and Canada.
4. Ban of export financing: EU will limit Russia’s access to crucial technology such as semiconductors or cutting-edge technologies.
5. Visa policy: Diplomats and related groups and business people will no longer have privileged access to the European Union.

On the other hand, as High Representative Josep Borrell said, the EU will for the first time finance the purchase and delivery of weapons and other equipment to a third country, through two assistances measures under the European Peace Facility (EPF) that will contribute to strengthening the capabilities and resilience of the Ukrainian Armed Forces. Other measures approved on 27 February (Sunday) were to: shut down the EU airspace for Russians, and to prohibit all Russian-owned, Russian registered or Russian-controlled aircraft, so no Russian aircraft will be able to land or to take off from EU airfields; the ban in the EU of Kremlin’s media such as Russia Today and Sputnik, as well as their subsidiaries. Moreover, it will be prohibited to make transactions with the Russian Central Bank or any legal person, entity or body acting on behalf or at the direction of the Russian Central Bank.

Image © European Commission 2022