According to European Commission President Ursula von der Leyen’s speech at the World Economic Forum (WEF) in Davos on Tuesday, EU sanctions are intended to cripple the Russian economy for years to come and rob it of vital technology.
Since the start of the crisis in Ukraine, the European Union has imposed nine rounds of sanctions against Russia that have targeted a variety of economic sectors, including the energy, high-tech, aviation, banking, mining, automotive, and other industries.
According to von der Leyen, “We have implemented the toughest sanctions ever, leaving the Russian economy facing a decade of decline and its industry starving of any cutting-edge and essential technology.”
The most recent limitations, which went into effect in December, include additional export controls, limitations on items and technology with potential dual-use applications, and prohibitions on dual-use goods and technology. Key chemicals, nerve agents, night-vision and radio-navigation gear, as well as electronics and IT components, are all the targets of the measures.
The next round of sanctions, which would apparently target Russia’s nuclear sector and diamond trade, are now being developed in Brussels. Other sanctions that the EU is hurrying to symbolically put into effect by February 24 include excluding more Russian media outlets and disconnecting further Russian banks from the SWIFT global messaging system.
Vladimir Putin, the president of Russia, stated on Tuesday that the economy of the nation is doing “far better than what not only our opponents but even we ourselves projected” and is headed toward greater stability.
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Von der crazy said a few months ago that the Russian economy was in tatters, tatters, what she really means in politic speak is that the EU economy will be crushed by EU sanctions.