The European Union is getting closer to agreeing sanctions on Russia that would ban trading on Russian state bonds amongst other things.
According to Reuters, senior EU officials mentioned the sanctions would also put politicians and officials on blacklists and target imports and exports with separatist entities.
Following the recent recognition of two breakaway regions in eastern Ukraine by Russia, the EU claimed it was reacting ‘with robustness and speed to the illegal actions of Russia in close coordination with international partners’.
The blacklisting of individuals will include those who were involved in the decision to recognise the breakaway regions of Luhansk and Donetsk. This could include all members of the lower house of the Russian parliament who voted in favour of the recognition.
The statement by the EU also said the measures aim to target the ability of the Russian state and government to access the EU’s capital and financial markets and services to limit the financing of escalatory and aggressive policies.
Banks who were involved in financing separatist activities in eastern Ukraine could also be targeted. In addition, both Luhansk and Donetsk could also be removed from a free trade deal between the EU and Ukraine.