EU countries demand sanctions on international financial organizations over Russia
Date
5/16/2024 8:31:45 AM
(MENAFN) France and the Netherlands are spearheading efforts within the European Union to advocate for imposing sanctions on financial institutions worldwide that aid Russia's military in purchasing goods or technology with potential military applications, according to a report by Reuters.
The European Union already has existing sanctions prohibiting the sale of certain dual-use goods and technologies to Russia, which possess both civilian and military applications. However, the proposed measure seeks to expand these sanctions by targeting financial institutions involved in facilitating transactions for Russia's military.
As per Reuters, the proposal put forth by France and the Netherlands suggests that individuals and entities within the European Union could face restrictions on conducting business with financial institutions globally if those institutions are identified by the European Union as assisting Russia's military in acquiring prohibited dual-use goods and technologies.
Ambassadors from European Union member states are set to discuss this proposal on Wednesday as part of the bloc's ongoing efforts to formulate its 14th package of sanctions against Russia. The proposed measure aims to establish a legal framework enabling the European Union to impose a transaction ban on financial institutions in Russia or other third countries deemed to be supporting Russia's military efforts.
"The Netherlands and France propose to introduce a legal basis ... providing for a transaction ban with financial institutions in Russia or other third countries when the Council has determined these entities to be involved in transactions that significantly support Russia’s military by facilitating exports towards Russia of essential goods for the war effort …” the proposal reportedly states.
This move reflects the escalating tensions between the European Union and Russia amid the ongoing conflict in Ukraine, with European Union member states seeking to ramp up pressure on Moscow through targeted financial sanctions.
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