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Factbox-EU sanctions target Russia’s economy, elites and Putin himself -Breaking

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© Reuters. FILE PHOTO – Chess pieces can be seen in front displayed Russian and EU flags. This illustration was taken on January 25, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) – Russia launched an unprecedented, unprovoked attack on Ukraine. The European Union has imposed a number of sanctions against Russia. Some measures were never before applied by the bloc and others were considered taboo prior to Russia’s invasion.

These measures are in addition to existing sanctions in place following Russia’s 2014 annexation and occupation of Crimea.

The EU states that the sanctions were designed to “discredit the Kremlin’s ability to finance war, impose economic and political cost on Russia’s political elite, responsible for the invasion, and reduce (Russia’s) economic base”.

Here is a listing of all the agreements so far.

RUSSIA’S CENTRAL BANK

By banning transactions from the EU and freezing its assets, part of “Putin’s war chest”, the EU has frozen it. It is intended to prevent the central bank from liquidating its assets.

SWIFT

Certain Russian banks that account for 70% of the country’s banking market will be removed from SWIFT. SWIFT is the global leader in payments and it’s likely to cause disruptions. This move is designed to hinder their global operations, preventing them from conducting the majority of their financial transactions globally and effectively blocking Russia’s exports.

RUSSIAN STATE-OWNED MEDIA

EU will take on “the Kremlin’s media machine”, by banning Russia Today and its news agency Sputnik, as well as their affiliates. They will “no longer be in a position to spread their lies to justify Putin’s war, and to sow division throughout the Union”.

AIRSPACE

Russia has been banned from flying into the EU and its airspace was closed to Russians. All aircraft are subject to the ban, regardless of whether they were owned, registered or controlled in Russia by Russians or individuals, including private jets chartered or owned by oligarchs.

WAPONS

First time in EU history, EU members have agreed to allow weapons purchases and delivery to Ukraine using their funds. In addition to the 450million euros that have been allocated for arms purchases, 50 million euros of funds will also be used to finance other supplies like fuel or medical equipment.

BELARUS

EU members have agreed to add sanctions against Belarus for being complicit with Russia’s invasion in Ukraine. It aims to end Belarusian exports in mineral fuels and tobacco.

BLACKLISTINGS

The EU has added hundreds more people to its blacklist, including Russian lawmakers who voted in favor of recognition of eastern Ukraine’s breakaway areas. The EU has frozen their bank accounts and banned them from going to the bloc.

Russia’s President Vladimir Putin is the most visible person on the blacklist. Foreign Minister Sergey Lavrov is exempted from travel ban. These blacklists are intended to allow for negotiations should they become available.

Putin, Bashar al-Assad of Syria and Alexander Lukashenko from Belarus are the only two world leaders that have been blacklisted by EU. The total blacklist includes 654 people and 52 entities.

ENERGY SECTOR

These sanctions prohibit the export of certain refining technology, which makes it more difficult and expensive for Russia’s oil refineries to be modernized. These sanctions are in addition to the 2014 oil equipment ban. The bloc claims that Russia earned 24 Billion Euros from EU oil exports in 2019.

TRANSPORT SECTOR

The EU bans the sale, transfer, supply, and export of any aircraft or aircraft parts to Russia. This includes all related services to repair, maintenance, and financing aircraft.

According to the EU, three-quarters (75%) of Russia’s commercial aircraft fleet was built in the EU and the United States. According to the EU, sanctions will prevent Russia from maintaining its fleet according to international standards.

DUAL-USE PRODUCTS AND ADVANCED TECHNOLOGY

EU sanctions have been tightened on products that are suitable for both civilian and military use. This includes targeting Russia and Belarus’ military industrial complex, and restricting their access to high-tech technology like drones and software, encryption devices, and semiconductors.

These actions are intended to reduce Russia’s technological capability over time.

DIPLOMATVISAS

Russian passport holders with diplomat status will be no longer able to enter the EU visa-free. Russian business and government officials as well will no more receive lower visa application fees. Russian citizens will continue to enjoy the same benefits as before, but this measure won’t apply.

TRADE WITH BREAKAWAY REGIONS IN UKRAINE

EU has placed an import ban on products from eastern Ukraine’s breakaway regions. It also prohibits doing business there with tourist services and restricts exports of certain technologies and goods.

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