BRUSSELS (Reuters) – The European Union will likely be ready to launch a second bundle of sanctions in opposition to Russia, together with export controls, if Russian troops transfer past the Ukrainian areas held by Russian-backed separatists, European Commission Executive Vice President Valdis Dombrovskis advised Reuters on Wednesday.
Russian President Vladimir Putin on Monday recognised the independence of two breakaway areas within the Donbass area of japanese Ukraine that adjoin Russia.
Moscow despatched troops there on Tuesday, prompting the EU, the United States and Britain to slap sanctions on Russian politicians and banks and curbing the federal government’s skill to increase capital through the EU’s monetary markets.
But the EU is worried Russia might proceed its invasion past the areas managed by the separatists and EU leaders will maintain an emergency summit on Thursday to focus on what to do subsequent.
“Russia determined to go for a serious escalation of this battle by the popularity of the independence of the Donetsk and Lugansk Republics and clarifying that they imply this within the territory of not what is definitely managed by the so-called republics, however the whole Donbass territory, so we face a serious escalation,” Dombrovskis stated in an interview.
“If there’s additional Russian aggression and additional incursion into Ukraine territory we’re keen to step up our response additionally by way of sanctions.”
Asked what such a stepping up would imply, Dombrovskis stated:
“It would concern financial sanctions within the space of commerce, for instance export controls. The EU has been engaged on a sanctions bundle for a number of weeks, so there are methods how we’re ready to act rapidly and additional step up sanctions and do that in cooperation with the United States, Britain and different international locations.”
He stated the battle, the sanctions and potential Russian counter-sanctions would have financial repercussions for the EU, however that the seriousness of what’s at stake meant the 27-nation bloc would have to settle for them.
“Coming with robust sanctions in opposition to Russia goes to have some influence on the EU financial system and we want to be ready for this,” Dombrovskis stated.
“But right here we have now the safety and territorial integrity of Ukraine at stake, and we have now the broader safety structure at sake, so we want to find a way to react and in addition take some financial price, if it’s vital.”
(Reporting by Jan Strupczewski; Editing by Catherine Evans)
