War 1st Anniversary... EU Imposes Extensive Trade and Financial Sanctions on Russia

On the 24th (local time), marking the first anniversary of Russia's invasion of Ukraine, the European Union (EU) agreed on its 10th sanctions package against Russia.

According to major foreign media, Sweden, the rotating presidency of the EU, stated on Twitter that "EU member states are imposing the strongest and most comprehensive sanctions ever to help Ukraine win the war." It added, "The EU stands in solidarity with Ukraine and will continue to support it as long as necessary."

The sanctions aim to more broadly block Russia from procuring the technology and equipment needed to fund the war and supply weapons.

An EU diplomat told AFP that over 120 individuals, groups, institutions, and banks are included in the sanctions list. Another diplomat explained that there were no compromises made from the previously proposed sanctions package. Earlier, the European Commission proposed a sanctions package to member states that includes export bans worth a total of 11 billion euros (approximately 15 trillion won).

The sanctions include export restrictions on more than 50 electronic components used in Russian weapon systems such as drones, missiles, and helicopters, and also strengthen sanctions against organizations that promote or support the spread of Russia's war propaganda.

Previously, Ursula von der Leyen, President of the European Commission, stated in a press release that the sanctions package would include measures to prevent Russian companies from importing machine parts, antennas, cranes, special vehicles, trucks, and spare engine parts from third countries such as China.

Additionally, more Russian banks, including Russia's largest private bank Alfa Bank and digital bank Tinkoff, will be cut off from access to the international financial messaging system SWIFT.

The EU had repeatedly failed to reach an agreement due to disagreements raised by Poland over exemptions for synthetic rubber from Russia, but finally reached a deal two hours before midnight on the day.

A Polish diplomat told dpa that they agreed to the 10th sanctions package on the condition of regularly reviewing imports of Russian synthetic rubber.

Details such as the list of sanctioned individuals and institutions are scheduled to be published in the EU Official Journal on the 25th and will take effect immediately upon publication.

Russia's TASS news agency commented that while the EU approved the sanctions, it "failed to send a symbolic gesture by imposing sanctions on the first anniversary of the start of the special military operation on the 24th."

The EU plans to continue working on sanctions related to Russia's nuclear sector. Additionally, dpa reported that the EU will continue to expand the scope of existing sanctions to prevent non-EU companies from supplying civilian goods that could be used as weapons, such as drones, to Russia.

[Image source=AP Yonhap News]