The European Union (joint body of European countries
numbering into 28 excluding Croatia’s annexation) has finally issued sanctions
on Russia for arming and supporting armed separatist in Ukraine. The battle that
has raged for some time now has claimed casualties from not just Ukraine but
other nationalities.
The sanctions banned state-owned banks, “imposing an arms
embargo and restricting sales of sensitive technology and the export of
equipment for the country's oil industry, in response to Moscow's continued
backing for separatists in eastern Ukraine” according to online reports.
The 28 ambassadors unilaterally agreed on the punitive
measures, the hardest in a long while since the cold war. According to report, ‘They decided that Moscow had not fulfilled
the conditions laid down by foreign ministers last week, to stop the supply of
arms to the rebels and provide full cooperation in the investigation into the
shooting down of Malaysia Airlines flight MH17.’
President Obama also had this to say, "Today, Russia is
once again isolating itself from the international community, setting back
decades of genuine progress," and that was after announcing new measures
that targeted major sectors of the Russian economy, including weapons, energy
and finance. Three large banks – VTB Bank OAO, Bank of Moscow and the Russian
Agricultural Bank – were cut off from the US economy.
The economic sanctions are due to take effect later this week
and will be reviewed after three months.
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