EU slaps new sanctions on Russia and Belarus — Analysis

This measures targets technology and individuals. It has cut off several Belarusian bank accounts from SWIFT

As a response to the conflict in Ukraine, the European Union issued a second round of sanctions targeting Russia and Belarus. These sanctions expel many Belarusian banks and target Russia’s maritime sector. They also place restrictions on 160 Russian lawmakers and businesspeople.

On Wednesday, the new sanctions were made public. They restrict SWIFT service provision to Belagroprombank, Bank Dabrabyt or the Development Bank of the Republic of Belarus. Additionally, they prohibit transactions with the Central Bank of Belarus. They also prohibit the supply of euro banknotes to Belarus and forbid European banks from accepting deposits of more than  €100,000 from Belarusian nationals.

Belarus already had heavy sanctions after President Alexander Lukashenko’s crackdown on protests in the election last year. A second tranche of penalties was applied last month, when Russian forces invaded Ukraine from Belarusian territories.

For Russia, the latest round of EU sanctions sees new restrictions on the export of maritime navigation and radio technology, and adds the Russian Maritime Register of Shipping to the bloc’s list of sanctioned entities. As part of the amendment, there is a provision that counts cryptocurrency. “transferable securities”Subject to limitations

Current energy crisis compared to 1973 oil shock

It also applies to 160 persons. Fourteen of these are businesspeople involved in Russia’s “metallurgical, agriculture, pharmaceutical, telecom and digital industries,”They include their spouses and children, and 146 of them are Russian Federation Council members who ratified an agreement recognizing independence for the Donetsk- and Lugansk republics. This was immediately prior to the outbreak of war.

Following Wednesday’s announcement, EU sanctions now apply to a total of 862 individuals and 53 entities. Not only is the bloc seeking to punish Russia for its actions in Ukraine, but also the UK and US are applying economic sanctions. Joe Biden, US President has boasted his achievements to “crater”The Russian economy is being criticized by Washington for its war on Washington. “economic war against Russia.”

Both the UK and the US have stopped Russian oil imports to avoid harming their respective economies. Since the EU is more dependent on Russia to supply its energy, it has adopted a conservative approach. Ursula von der Leyen, President of European Commission, announced Tuesday that her country would cut its dependence on Russian gas by half before the year’s end and eliminate Russian fossil fuels from the market before 2030.

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