A European Union official said sanctions against Moscow on the invasion of Ukraine began to have ‘initial impact.’
EU sanctions (EU) against Russia on the invasion of Ukraine began to have an initial impact, EU official said on Thursday.
“We believe that the sanction package that we entered on the desk was quite impressive and now began to have the first effect,” the official said.
“Take the economic side, we have the Moscow Stock Exchange closed since Monday. Rubel depreciation is also quite impressive. The fact that the Russian central bank must double interest rates to 20% too.”
European Commission President Ursula Von Der Leyen said on Thursday that the block would take additional steps to Russia if the situation on the ground in Ukraine deteriorated. It is also preparing if Russian retaliation, including diversification of block energy supplies.
“We must be independent of gas, oil, and Russian coal. Our determination to advance in this case is stronger than before,” he added.
“We still have a lot of ideas how we can do the job ahead when it comes to sanctions, whether it is in trade, whether it is on energy, whether it is in export, on …. shipping,” said EU officials with anonymity.
A second European Union official said that while the block was waiting for sanctions “to bite” there was an analysis that was being carried out by targeting Russian crypto assets and working on how “to ensure that Belarus could not be used as a gap” by Russia for subsequent sanctions.
Separately, British Foreign Secretary Liz Truss said on Thursday that the West needs to ensure no Russian banks that have access to the Swift message system.
The Japanese Prime Minister indicated on Thursday that the state would impose more sanctions against Russia including possible air prohibitions.
“The additional steps include a ban on Russian aircraft in the Japanese airspace, we need to take the right steps while working with G7 and the international community,” said Prime Minister Fumio Kishida.
The Asian infrastructure investment bank supported by China said on Thursday that he had delayed and reviewed all activities related to Russia and Belarus after the current conflict in Ukraine.