EU imposes strictest sanctions in history: Targeting 70% of Russian banking market and companies

EU leaders have agreed on sanctions against Moscow targeting 70 percent of the Russian banking market and key state-owned companies, said European Commission President Ursula von der Leyen. She says these are historic sanctions.

"First, this package includes financial sanctions targeting 70% of the Russian banking market and key state-owned companies.

Second, we are targeting the energy sector, a crucial economic area that particularly benefits the Russian state. Our export ban will hit the oil sector by preventing Russia from upgrading its refineries.

Third, we are banning the sale of aircraft and equipment to Russian air carriers.

Fourth, we are restricting Russia's access to key technology, such as semiconductors. And finally - visas. Diplomats and business people will no longer have privileged access to the European Union. We are also targeting Russian elites by limiting their deposits so they can no longer hide their money in Europe," she announced.

US imposes sanctions

Let us recall that the US government had previously imposed sanctions on Russia's largest bank, Sberbank, the US Treasury Department announced. US institutions must close their accounts with Sberbank within 30 days.

Sberbank, majority state-owned, is the largest creditor of the Russian economy and the bank with the most savings deposits. US President Joe Biden had previously announced measures against Russia's second-largest bank, VTB. The United States has also imposed sanctions on Belarus, which is involved in the invasion of Ukraine.