US and EU sanctions on Russia

RUSSIA / FSU POLITICS - In Brief 23 Feb 2022 by Alex Teddy
On February 22 the US announced new sanctions on Russia. They will effectively prevent Russia from borrowing new money or refinancing debt. However, the US stopped short of cutting Russia off from SWIFT (on which it does not have a unilateral say) or sanctioning Putin personally. The US and UK civil servants are in daily contact about sanctions. Both countries' policymakers have throughout recent months shown to be heavily coordinated. On February 22 the EU said the sanctions were intended to penalize Russia for recognizing the regions that have broken away from Ukraine. All 27 EU member states agreed to the sanctions. 351 Russian politicians who voted to recognize the Luhansk and Donbas republics will be targeted through sanctions. The EU Foreign Policy Chief said that the sanctions would hurt Russia severely. The sanctions include asset freezes and travel bans. Banks providing services to sanctioned Russian politicians shall also be targeted.The EU claimed that Russia had broken international law and was in breach of its commitments to respect the territorial integrity of Ukraine that Russia vowed to honor at the Budapest Agreement of 1994. The Russian Foreign Minister had been invited to Paris. However, the French Foreign Minister has now disinvited him. France says it still hopes that diplomacy can avert war and states that the Normandy format is still operable. Germany announced that Nord Stream 2 will not be allowed to operate until Russia reverses course. It cancelled certification of part of the pipeline.Putin has doubled down saying Russia's demands are non-negotiable. Moscow is establishing diplomatic relations with the Luhansk and Donetsk republics.

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