MUNICH — Moscow would have its entry to monetary markets and high-tech items restricted beneath Western sanctions being ready in case Russia assaults Ukraine, a high 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. President Biden mentioned Friday he was satisfied” that Russian President Vladimir Putin has determined to invade the neighboring nation.
European Fee President Ursula von der Leyen speaks on the Munich Safety Convention in Germany on Saturday. Michael Probst/Related Press
“The Kremlin’s harmful pondering, which comes straight out of a darkish previous, might price Russia a affluent future,” von der Leyen mentioned through 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 bundle” of potential monetary sanctions towards Russia with the U.S., U.Ok. and Canada.
“In case that Russia strikes, we are going to restrict the entry to monetary markets for the Russian economic system and (impose) export controls that can cease the chance for Russia to modernize and diversify its economic system,” she added. “And we’ve got lots of high-tech items the place we’ve got a worldwide dominance, and which are completely crucial for Russia and can’t be changed simply.”
British Prime Minister Boris Johnson mentioned the U.Ok. was coordinating its sanctions intently 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 inconceivable for them to lift finance on the London capital markets,” he mentioned in Munich. Johnson added that authorities would search for “the last 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 may have excessive prices for Russia, politically, economically and geo-strategically.”
Western leaders thus far 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 had been speaking about an invasion of territory at present beneath 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.
Elements of jap Ukraine are beneath the management of pro-Russia separatists who’ve been preventing Ukrainian forces since 2014, the yr 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 possibly can’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 isn’t the one potential state of affairs however “are ready for each state of affairs.” Utilizing a chess analogy, the German minister mentioned: “When you current your subsequent 5 strikes in public, you gained’t be significantly profitable.”
In Munich with different members of the U.S. Congress, Home Speaker Nancy Pelosi mentioned sanctions would possibly embody the SWIFT banking system, which may lower Russia off from most worldwide monetary transactions.
“That’s 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’s a worth to pay for what Putin has executed already.
“You possibly can’t bully the world and take a stroll and also you’re off the hook,” she mentioned.
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