EU sanctions against Russian sovereign bonds, 351 members of parliament, and 11 legislators will take effect today.
The European Commission, under the leadership of President Ursula von der Leyen (pictured), has been working on the sanctions for the past few weeks. In the event of further incursions into Ukraine, Europe, along with the United States, the United Kingdom, and Japan, is preparing more harsh measures against Russian President Putin and his inner circle.
In a tweet, European External Affairs Commissioner Josep Borrell stated that the sanctions that have been agreed upon mean that the affected individuals will no longer be able to "shop in Milan, party in Saint Tropez, or buy diamonds in Antwerp."
The 351 members of Parliament who voted in favor of recognizing the breakaway regions as independent, as well as the 11 members of Parliament who proposed the initiative, are all included.
Russian banks with ties to the regime and the military will also be targeted, including VEB, formerly known as Vnesheconombank, and other financial institutions.
Russian sovereign bonds, including shorter-maturity bonds that have been exempt from sanctions thus far, will also be included in the portfolio.
Before 3 p.m., ministers will meet in the Council to formally approve the sanctions text, which has been subjected to extensive scrutiny by lawyers from all 27 EU member states (CET).
By fLEXI tEAM