EU warns Russia could be cut off from markets, tech goods in case of attack on Ukraine

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EU warns Russia could be cut off from markets, tech goods in case of attack on Ukraine

Feb 20, 2022: According to a report by AP, Moscow would have its access to financial markets and high-tech goods limited under Western sanctions being prepared in case Russia attacks Ukraine, a top European Union official warned.

A senior EU official said on Saturday that Moscow would have restricted access to financial markets and that high-tech goods would be restricted under Western sanctions, and that Russia would be ready if Russia invaded Ukraine. The comments by Ursula von der Leyen, head of the European Union’s executive commission, come as tensions mount over Russia’s intentions over Ukraine.

U.S President Joe Biden said on Friday that he believed Russian President Vladimir Putin had decided to invade the neighboring country.

Von der Leyen said the EU’s executive arm has developed a “robust and comprehensive package” of possible financial sanctions against Russia with the U.S., U.K. and Canada.

She said, “In case that Russia strikes, we will limit the access to financial markets for the Russian economy and (impose) export controls that will stop the possibility for Russia to modernize and diversify its economy, and we have a lot of high-tech goods where we have a global dominance, and that are absolutely necessary for Russia and cannot be replaced easily.”

On the other hand, British PM Boris Johnson also said the U.K. was coordinating its sanctions closely with the EU.

“If Russia invades its neighbor, we will sanction Russian individuals and companies of strategic importance to the Russian state and we will make it impossible for them to raise finance on the London capital markets,” he said in Munich.

Western leaders have not yet said which Russian action will trigger the sanctions.

Parts of eastern Ukraine are controlled by pro-Russian separatists who have been fighting Ukrainian forces since 2014, the year Russia annexed the Ukrainian peninsula of Crimea.

U.S House Speaker Nancy Pelosi said sanctions might include the SWIFT banking system, which could cut Russia off from most international financial transactions. Keeping Russia out of SWIFT would also hurt other economies, including those of the U.S. and key ally Germany.

Regardless of what actions Russia takes, Pelosi said there’s a price to pay for what Putin has done already.

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