As the war between Ukraine and Russia escalates, the European Union (EU) has slapped sanctions on 26 more Russians, including senior officials who are part of the Oligarchy and an energy insurance company on Tuesday bringing the total number of people targeted by sanctions to 680 since the start of the conflict.
In a statement, European Union (EU) representative based in Brussels said “those listed in the new list include oligarchs and businessmen active in the oil, banking and finance sectors, government officials, top military brass and propagandists who contributed to spread anti-Ukrainian propaganda and promote a positive attitude towards the invasion of Ukraine.” The 27-nation EU had previously frozen the assets of President Vladimir Putin and Foreign Minister Sergey Lavrov. As of now no travel ban was imposed on President Vladimir Putin and Foreign Minister Sergey Lavrov, it is done to allow them to take part in negotiation efforts.
Talking to The Daily Guardian, Deepak Bhaskar, who teaches Political Science and International Relations in the University of Delhi said, “only sanctions would not be enough, Russia had brought three-fourths of its military firepower in Ukraine, we are seeing devastation in the region, the world needs to put its act together and make sure a ceasefire happens in the next 24-48 hours.”
After the new sanctions, the EU sanctions now apply to 680 people and more than 50 entities belonging to Russia, which are mostly public banks, government agencies and Gas insurance companies. In the new ban, Russian Gas giant SOGAZ was also listed.
Meanwhile, other countries have also sanctioned Russian entities like the United States had imposed heavy sanctions on Russia’s central bank and other sources of wealth, which had dealt a crushing blow to the Russian economy and its currency Ruble reached a 24-year low. The new sanction measures imposed by the EU and other western countries like the US are likely to push Russian inflation higher, drive down investments and would also result in lowering the purchasing power of the country.