Ukrainian President Volodymyr Zelensky has signed a new package of sanctions against Russia. Among the key sectors targeted by the new economic restrictions are energy and electronics.
Points of attention
- Ukrainian President Zelenskyy has signed a new package of sanctions targeting key sectors such as energy and electronics in response to Russian escalations.
- The new economic restrictions in Ukraine are projected to cost tens of billions of euros annually, impacting Russian earnings significantly.
- Ukraine is synchronizing its sanctions with EU partners to combat Russian aggression and prevent circumvention of sanctions through third countries.
Ukraine has imposed new sanctions against Russia
"We continue to synchronize sanctions on partners in Ukrainian jurisdiction, and today the 19th package of European Union sanctions against Russia for this war comes into force in Ukraine," Zelenskyy said.
He also added that the new package acts, in particular, against the export of Russian resources and schemes for supplying electronic components to Russia, and the overall impact on Russian earnings from the 19th package is estimated at at least tens of billions of euros annually.
We are also applying our new sanctions against Russian entities that work to extract resources in the Arctic and, through this, to finance Russia's ability to wage war. We already know that this sanctioning step of ours will be continued by our partners by taking our proposals into account in their sanctions packages.
Volodymyr Zelenskyy
President of Ukraine
The Head of State also instructed the National Security and Defense Council of Ukraine to prepare new decisions based on relevant submissions regarding entities in the field of Russian propaganda and military production, as well as against collaborators.
There will be our sanctions response to Russian sanctions against the Prime Minister of Ukraine and other government officials. Of course, Russian sanctions do not create real problems, but at a time when most of the world, together with us, is trying to do everything possible to end the war, any Russian escalations deserve an appropriate and tangible response.
It was previously reported that the European Union has officially approved a new package of sanctions against Russia. The restrictions are aimed at reducing the Kremlin's revenues and preventing sanctions circumvention through third countries.
The EU Council decision added 45 companies to the list of entities supporting Russia's military and industrial complex.
These include third-country companies that help Moscow circumvent export restrictions and obtain dual-use technologies, including machine tools, electronics and drone components. The list also includes 12 companies in China and Hong Kong.
