President of the European Commission, Ursula von der Leyen has said the EU’s latest sanctions targeting Russia’s banking, oil, technology and airline industries are to cut “Russia’s access to the most important capital markets”
“We are now targeting 70% of the Russian banking market, but also key state-owned companies, including the field of defense, and these sanctions will increase Russia’s borrowing costs, raise inflation, and gradually erode Russia’s industrial base.”
There will be a ban of aircraft part sales to Russia and “important technologies it needs to build a prosperous future,” while stripping Russian diplomats and businessmen of their “privileged access to the European Union.”
