EU and Britains new sanctions on Russia lock bank exports and Putins core

(Morning News) In addition to the United States, the European Union and the United Kingdom have also announced new sanctions on Russia after Russia's invasion of Ukraine in Russia.Essence

Reuters reported that the leaders of the EU 27 countries held an emergency meeting in Brussels on Thursday (February 24) and reached an agreement on a wide range of sanctions.The plan will limit Russian banks to enter the European financial market, and key technology exports to Russia will also be limited.The sanctions details will be officially finalized on Friday.

The European Commission Chairman Feng Delin said at a press conference on Friday morning that new sanctions will lock 70%of the Russian banking industry.

At the same time, British Prime Minister Johnson announced the largest package of sanctions on Russia in the history of the UK on Thursday.

Britain will freeze the assets of all major Russian banks from now on, including the assets of Russia's second largest bank VTB.

Britain will also prohibit all major Russian companies from raising funds in the British market and prohibit Russia from issuing sovereign bonds in the British market.The new law will take effect next Tuesday.

In addition, Britain will also sanction more than 100 individuals, entities, and their subsidiaries. The targets of sanctions include Russia's largest national defense export company -Rostec and Russia's youngest richest people in Russia.Kirill Shamalov and so on.

Australia sanction some Russian elites and members of parliament on Friday; New Zealand in Australia also implements targeted travel ban on Russia and prohibits the country's enterprises from conducting cargo trade with the Russian military.

The U.S. government has tightened export control against Russia on Thursday, and severely cracks down on its access to global export products including commercial electronics, computers, semiconductors, and aircraft components.

The US President Biden said that the new measures will "immediately cause serious losses to the Russian economy" and refer to 27 EU member states such as France, Germany and Italy, the United Kingdom, Canada, Japan, AustraliaIt also joined New Zealand to achieve the maximum effect of combating Russia.