As Kallas explained, in practice this will translate into a slowdown and an increase in the prices of all transactions carried out with the participation of Russian banks. Financial institutions in the EU will have to apply much stricter controls to Russian entities, which will increase costs and impede the flow of money.
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Russian financial sector on blacklist. New EU sanctions on the way
The decision to include Russia on the high-risk list is just one of the elements of the further tightening of policy towards the Kremlin. Kallas informed that work on it is already underway 20th sanctions package against Russia for its aggression against Ukraine.
At the same time, the EU is preparing to provide assistance to Ukraine loans in the amount of EUR 90 billion.
— Any measures to limit Russia's financing of the war should be considered – emphasized the head of EU diplomacy.
Entry ban for Russian military personnel?
There was also a proposal to introduce it at the meeting of foreign ministers ban on entry into the Schengen area for Russian soldiers. As Kallas explained, it was considered that their presence could pose a threat to the security of EU countries.
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The EU is also working to define its contribution to security guarantees for Ukraine. Various forms of involvement are being considered – from expanding military training on the territory of Ukraine, through supporting the EU accession process, to helping in the development of the Ukrainian defense industry.
— The EU will be present in Ukraine – Kallas announced.
Holding Russia accountable for war crimes also remains a key element of the EU strategy. As revealed by an Estonian politician, the EU handed over last week the first 10 million euros to help create special tribunal for the crime of aggression.
“Russia started this war and must be held accountable,” she stressed.
