Russia’s decision to send troops into eastern Ukraine have incurred sanctions from a host of western countries.
With the US, UK and EU imposing penalties on Russia, many elites in the region will be affected.
U.S President Joe Biden announced a preliminary sanction targeted at the Russian economy on Tuesday. In details, the VEB and Promsvyazbank were highlighted; with Biden stating that a severity will be made between Western financing and the Russian government. This will be possible due to Russia’s sovereign debt.
Biden also accused Putin of starting an invasion after setting up a rationale to go much further.
“We have our next move prepared as well, Russia will pay an even steeper price if continues its aggressions.
“The United States, together with our allies, will defend every inch of NATO territory,” the U.S President said hoping that there will be a chance for diplomacy.
Following the deployment of troops in eastern Ukraine, Russia have announced its decision to evacuate its diplomatic staff from the country. This is according to a statement by a Russian ministry.
“To protect the lives and safety [of diplomats], the Russian leadership decided to evacuate the personnel of Russian foreign missions in Ukraine, which will be implemented in the near future.”
Foreign ministers of the European Union also agreed to the prepared sanctions against individuals and entities that undermine the integrity of Ukraine. The union’s foreign policy chief Joseph Borell revealed.
Jean-Yves Le Drian – the Foreign Minister of France came out to confirm the unanimous agreement to sanction packages after a meeting in Paris.
According to an outline by European Council and European Commission presidents –Charles Michel and Ursula Von Der Leyen, sanctions will target;
-Those involved in the decision to recognise the independence Donetsk and Luhansk.
-Banks financing Russian military and other operations in eastern Ukraine.
-The Russian state’s access to the EU capital and financial markets and services, and
-Trade from Luhansk and Donetsk to and from the EU.
The US Defense Secretary Lloyd Austin however warned that Putin “can still avoid a full-blown, tragic war of choice.”