Restrictive measures taken by the EU against Russia: Part Three – Financial Aspects

In this third note we analyse the financial sanctions that the EU institutions have imposed against the Russian Federation in response to the military invasion of Ukraine. These are undoubtedly the most severe sanctions agreed against a state in recent times, as the European measures join those of many other countries, with the United States and the United Kingdom leading the way. Surely for the first time in history, economic weapons are being used to end a war as quickly as possible.

The consequences have been felt almost immediately: companies such as VISA, Mastercard and Apple have announced that they are suspending all their payment services in Russia; major Russian banks have been forced to abandon their operations in Europe; and prominent figures are facing serious obstacles to managing their assets, the freezing of their assets or the seizure of their property located in EU territory. The scope of the measures is such that ordinary Russian citizens are also being affected.

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