‘EU sanctions to hit 70 pc of Russian Banking Sector’

Brussels, Feb 25 : The new EU sanctions against Russia will hit 70 percent of the Russian banking sector, key state-run corporations and deprive Russia of access to modern technologies, European Commission President Ursula von der Leyen said on Friday. “First, this package includes financial sanctions that 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 in field of defense. And these sanctions will increase Russia’s borrowing costs, raise inflation and gradually erode Russia’s industrial base,” von der Leyen said after the extraordinary EU Summit. “Our exports ban will hit the oil by making it impossible for Russia to upgrade its oil refineries, which gave actually Russia export revenues of 24 billion euros [$26 billion] in 2019,” the EU official noted. Von der Leyen added that the sanctions would also deprive Russia of access to vital technologies, including microchips. UNI/SPUTNIK GK

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