US and EU Joint Statement: "Condemning Russia's Invasion, Will Prevent Sanctions Evasion"

[Image source=Reuters Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] The United States and the European Union (EU) announced that they will strengthen cooperation to eradicate the illegal use of digital assets to prevent Russia, which invaded Ukraine, from evading sanctions. They will also establish a joint task force (TF) to address the EU's energy security issues.

According to the White House, U.S. President Joe Biden and EU Commission President Ursula von der Leyen issued a joint statement on the 24th (local time) condemning Russia's invasion of Ukraine and pledging to respond in unity. This statement was released after President Biden, who visited Europe for the first time since the Ukraine invasion, attended the EU summit in Brussels, Belgium.

The U.S. and the EU made it clear that they will continue to impose additional economic sanctions on Russia and Belarus and prevent these countries from attempting to evade sanctions. As part of this, they will strengthen cooperation to prevent the illegal use of digital assets and take joint measures. They will also block Russia's use of gold and remaining foreign exchange reserves as much as possible. Earlier that day, the U.S. Treasury Department also announced additional sanctions on the Russian State Duma (the lower house of the Federal Assembly), 328 members of the House, and defense-related companies.

Both sides also pledged humanitarian aid for refugees fleeing Ukraine. The U.S. disclosed that it plans to provide more than $1 billion in additional support. Along with this, they will announce new measures to strengthen the democratic resilience and protect human rights in Ukraine and neighboring countries. They are also supporting the collection of evidence related to Russia's 'war crimes' committed in Ukraine.

The U.S. and the EU will engage in concrete cooperation to reduce the EU's energy dependence on Russia. To this end, they will first establish a joint TF to address EU energy security.

They also discussed cooperation measures to respond to food security demands. The U.S. plans to invest more than $11 billion (approximately 13.45 trillion KRW) over the next five years to address the food security crisis and global nutrition supply. The EU will also support international cooperation related to nutrition supply with at least 2.5 billion euros (approximately 3.36 trillion KRW).

Additionally, the U.S. and the EU emphasized the importance of strengthening Atlantic security and defense, including cooperation with the North Atlantic Treaty Organization (NATO). They will also enhance cooperation on cybersecurity, from supporting the Ukrainian government to the virtual currency sector.

President Biden and Commission President von der Leyen stated, "We stand in solidarity with the Ukrainian people who bravely defend their homeland and call for an end to Russia's brutal attacks on neighboring countries," adding, "We will impose enormous costs on Russia's unjust actions."