On Tuesday, 22 February, a meeting of the EU Foreign Affairs Ministers took place to discuss a proposed package of sanctions in response to Russia’s actions in the Donetsk and Luhansk Regions of Ukraine.
After the meeting, Jean-Yves Le Drian, Minister for Europe and Foreign Affairs, and Josep Borrell, High Representative of the EU for Foreign Affairs and Security Policy, held a press conference where they confirmed the following:
- All 351 members of the lower house of the Russian parliament who voted in favor of the recognition of the breakaway regions will be sanctioned;
- 27 individuals and entities who are playing a role in undermining or threatening Ukrainian territorial integrity, sovereignty and independence will be listed;
- The sanctions package will limit the Russian government’s access to the EU’s capital and financial services markets, and block the refinancing of Russian sovereign debt. Banks that “finance the Russian military apparatus” will also be penalized.
- Trade between EU countries and the breakaway regions will be restricted.
The sanctions measures are now to be formally approved by the EU member states. We will issue a further blog once the formal regulation is published in the Official Journal, expected either today or tomorrow.
