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As the West piles pressure on Russian President Vladimir Putin, the European Union is expected to introduce a new sanctions package aimed at wealthy Russian individuals and their families.
The sanctions will target 14 people, including a number of wealthy Russians and their families, one entity, and more than 100 members of the Russian Parliament's upper house.
According to Bloomberg, European officials are thought to have discussed a possible ban on Russian maritime and land transport, as well as access to European ports.
Officials in Germany are believed to have expressed concerns that such measures would disrupt 'un-sanctioned' items, with the EU now expected to impose restrictions on a number of maritime materials.
Valdis Dombrovskis, the European Commissioner for Trade, issued a stark warning today that if the EU fails to stop Vladimir Putin's aggression, the Baltic states could be next.
"If we do not support Ukraine, it’s not going to stop in Ukraine," Commissioner Dombrovskis said in an interview with POLITICO. " ."
Commissioner Dombrovskis urged the EU to take Russian threats seriously, saying that "this still needs to sink in. ."
He argued that caving in to Putin's demands could set a dangerous precedent, adding, "These are lessons that should have been learned before. Appeasement of the aggressor is not working, and the aggressor needs to be stopped by all means. "
He said a new round of sanctions against Russia could be announced in the coming days, with a variety of options on the table, including crypto, a larger number of banks cut off from SWIFT, and the removal of Russia's most-favorable-nation status at the World Trade Organization.
"What other triggers do we need? There’s a full blown war, Russia is committing war crimes on an industrial scale, what more do we need? Russia is now undertaking an unprovoked and illegal full-scale invasion of Ukraine, so [what is the point of] us worrying about provoking Russia when it started an unprovoked war? " argued Commissioner Dombrovskis.
In order to avoid loopholes, the Trade Commissioner also called for the extension of import banks already agreed upon for Belarus to Russia.
"Russia is now undertaking an unprovoked and illegal full-scale invasion of Ukraine so [what is the point of] us worrying about provoking Russia when it started an unprovoked war?"
Officials in Germany are said to be wary of any further measures that could result in a Russian oil embargo, as well as efforts to cut Russia's largest lender, Sberbank, from Swift.
By fLEXI tEAM