The European Commission Issues a Statement on The Proposed Sanctions Against Russia

The European Commission issued a statement detailing the proposed sanctions against Russia, which are awaiting approval by European heads of state this evening.

These sanctions include depriving Russia of 24 billion euros annually in oil revenues through a European ban on oil exports, financial sanctions targeting 70% of the Russian banking market and cutting Russia’s access to the most important financial markets.

It also includes banning the sale of all aircraft, spare parts and equipment to Russian Airlines, and limiting Russia’s access to critical technologies such as semiconductors or advanced technologies.

This also includes denying diplomats, related groups, and businessmen privileged access to the European Union, and limiting the access of the Russian elite to bank deposits in Europe.