The first sanctions against Russia fall, after Vladimir Putin’s decision to recognize, on Monday, the independence of the two pro-Russian separatist “republics” of Donbass, Donetsk and Lugansk. A decision unanimously condemned, from the United States to the European Union via Turkey. In response, the threats of sanctions, made since the recent resurgence of tension between Kiev and Moscow, are taking shape on Tuesday, February 22.
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US blocks investment in pro-Russian regions
The US government has decided, as a first step, a series of minimum measures. Via a decree, Joe Biden prohibited, Monday evening, any new investment, exchange, or financing by Americans to, from or within the pro-Russian regions recognized by Moscow. But these regions already had extremely limited relations with the United States.
White House spokeswoman Jen Psaki stressed that the sanctions she announced were “separate” and if“would add” economic measures “fast and tough” prepared by Washington and its allies in the event of a larger invasion. The United States has also promised to work “closely” with their European partners on this file, in particular on the suspension of the Nord Stream 2 gas pipeline project.
European Union sanctions Russian MPs
“We agreed on a first package of sanctions unanimously”, announced the head of French diplomacy, Jean-Yves Le Drian, after a meeting of 27 foreign ministers in Paris on Tuesday. These sanctions “will hurt Russia very badly”, added the head of EU diplomacy, Josep Borrell. They target in particular 351 Russian deputies of the Duma, who voted to recognize the independence of the two territories, as he had mentioned on franceinfo. Without further details, Josep Borrell also specified that entities such as banks would be targeted.
Asked about franceinfo, the head of European diplomacy warned that other sanctions were to be expected in the event of“annexation” separatist territories. “I would be very surprised if it all ended there”, he said, recalling that “the fighting continues [au Donbass]power plants have been bombed, there is a level of violence, from an artillery point of view, that we have not seen for a very long time”. As for the advisability of directly sanctioning Vladimir Putin, the leader preferred to kick into touch.
Germany suspends Nord Stream 2 project
Berlin slaps his fist. The German Chancellor, Olaf Scholz, also announced on Tuesday to suspend the authorization of the Nord Stream 2 gas pipeline linking Russia to Germany via a 1,230 km tube under the Baltic Sea. Bypassing Ukraine, the route is supposed to increase the possibility of delivering Russian gas to Europe at a time when production within the European Union is declining. The project will be subject to a “revaluation” policy by the Ministry of the Economy, he announced.
With this project, Ukraine was afraid of losing the income it derives from the transit of Russian gas and of being more vulnerable vis-à-vis Moscow. The head of Ukrainian diplomacy therefore welcomed this suspension “politically and morally justified”. On the Russian side, the German announcement prompted a mocking reaction from former President Dmitry Medvedev: “Welcome to a new world, where Europeans will soon pay 2,000 euros for 1,000 m3 of gas.” The addition could be colossal for Germany, which alone imported 56.3 billion m3 of Russian gas in 2020, or 55% of its gas needs.
The United Kingdom strikes at the wallet
For its part, the United Kingdom claims to want “hit Russia very hard”. After a crisis meeting in Downing Street, Boris Johnson announced that the British retaliatory measures would target the “Russian economic interests that support the Russian war machine”. “Have no doubt that if Russian companies are prevented from raising capital in UK financial markets (…) it will start to hurt,” assured Boris Johnson on Tuesday.
These sanctions target three billionaires considered close to the Russian president: Gennady Timchenko, already sanctioned by the United States, Boris Rotenberg, whose brother Arkadi is already sanctioned, and his nephew Igor Rotenberg. Their assets in the UK will be frozen and they will no longer be able to travel to UK territory. Five Russian banks are also sanctioned, including Rossiïa and Promsviazbank. Minimum measures for London, the financial stronghold of the great Russian fortunes. “We will do much more in the event of an invasion”assured Boris Johnson.