Von der Leyen: Russia set to lose monetary markets entry if it assaults Ukraine

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European Fee President Ursula von der Leyen warned Sunday night that Russia would “in precept be minimize off from the worldwide monetary markets” and can be denied entry to main exporting items if it assaults Ukraine.

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Disclosing particulars of sanctions the EU is getting ready, von der Leyen instructed Germany’s ARD public tv that measures would hit “all items we make that Russia urgently must modernize and diversify its financial system, the place we’re globally dominant they usually haven’t any substitute.”

Regardless of Ukrainian President Volodymyr Zelenskiy’s plea Saturday for immediate sanctions from the U.S., Von der Leyen mentioned that the EU would not impose penalties till Russia strikes. “The transfer to sanctions is so monumental and consequential that we all know we should all the time give Russia an opportunity to return to diplomacy and the negotiating desk,” she mentioned. “This window remains to be open.”

In the meantime, U.Ok. Prime Minister Boris Johnson said Sunday {that a} Russian invasion would result in sweeping financial sanctions on Russian firms, stopping them from buying and selling with U.S. {dollars} and U.Ok. kilos. The impression of sanctions will lengthen past Putin’s interior circle to “all firms and organizations of strategic significance to Russia,” Johnson instructed the BBC.

The robust speak comes whereas Russian President Vladimir Putin and French President Emmanuel Macron had two cellphone calls Sunday in a bid to defuse rising tensions, as Russia menaces Ukraine with greater than 100,000 troops and army {hardware} poised on the border. In the course of the second name, in line with a French abstract the Kremlin agreed “in precept” to a disaster summit with U.S. President Joe Biden. The White Home agreed to the assembly “in precept” as properly.

Potential EU sanctions are set to dominate the EU international affairs ministers assembly Monday morning, which Ukraine’s International Minister Dmytro Kuleba will be part of. “We imagine that there are good and bonafide causes to impose among the sanctions now, to show that the European Union shouldn’t be solely speaking the speak about sanctions, but additionally strolling the stroll,” Kuleba mentioned in Brussels forward of the assembly.

This text is a part of POLITICO’s premium coverage service: Professional Monetary Providers. From the eurozone, banking union, CMU, and extra, our specialised journalists maintain you on high of the matters driving the Monetary Providers coverage agenda. Electronic mail [email protected] for a complimentary trial.



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