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Targeted sanctions against those involved in the Russian decisions on Donetsk and Luhansk, as well as against banks operating in the region, but also a proposal to limit the Russian state's ability to access international markets and restrict trade to and from the two regions, includes the sanctions package which will be before the foreign ministers at their extraordinary meeting in Paris, according to a joint statement by European Council President Charles Michel and Commission President Ursula von der Leyen.
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[/P]"The decision of the Russian Federation to recognize as independent entities and send Russian troops to certain regions of the Ukrainian regions of Donetsk and Luhansk is illegal and unacceptable. It violates international law, the territorial integrity and sovereignty of Ukraine, Russia's own international commitments and further escalates the crisis," the statement reads.
"Both Presidents welcome the firm unity of Member States and their determination to react with vigour and speed to Russia's illegal actions in close coordination with international partners," it adds.
As noted, at 4 p.m. (5 Cyprus time), an "informal meeting of EU Foreign Ministers chaired by the High Representative" will take place in Paris.
Then, as explained, "later in the afternoon, a first package of sanctions will be tabled. Subsequently, the relevant institutions will meet to finalize the package without delay."
It will be recalled that, as announced, the Permanent Representatives of the Member States will meet in Brussels later on Tuesday afternoon, following the discussions they had in the morning, and following the informal meeting of the Foreign Ministers.
According to the statement from von der Leyen and Michel, the package includes proposals to target those involved in the illegal decision, to target banks that finance Russian military and other operations in those territories, to target the ability of the Russian state and the Russian government to access EU capital markets and financial markets and services, to limit the funding of escalatory and aggressive policies" and "target trade from the two breakaway regions to and from the EU to ensure that those responsible clearly feel the economic consequences of their illegal and aggressive actions".
"The EU has prepared and stands ready to adopt additional measures at a later stage if necessary in the light of further developments," it added.
"Both Presidents, with the support of the High Representative, continue to closely monitor developments on the ground and consult with EU leaders and their international counterparts."
"The Union remains in full solidarity with Ukraine and united in support of its sovereignty and territorial integrity. We stand by and will continue to stand by Ukraine and its people," the statement concludes.
Source: CNA
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