Russia may lose monetary markets entry, superior items if it invades Ukraine – EU chief

BERLIN (Reuters) – European Fee President Ursula von der Leyen disclosed some particulars of the sanctions Moscow would face if it invaded Ukraine, saying Russia can be lower off from worldwide monetary markets and denied entry to main export items.

Western leaders have till now refused to be drawn on the small print of the responses they’ve agreed on if Russia invaded, solely ruling out a navy response and promising financial sanctions that will be unprecedented in scale.

“Russia would in precept be lower off from the worldwide monetary markets,” Von der Leyen informed ARD public tv late on Sunday night. Sanctions can be imposed on “all items we make that Russia urgently must modernise and diversify its economic system, the place we’re globally dominant they usually haven’t any substitute,” she mentioned.

She mentioned sanctions wouldn’t be imposed till after any invasion, rejecting calls on Saturday by Ukrainian President Volodymyr Zelenskiy for instant sanctions.

“The transfer to sanctions is so monumental and consequential that we all know we should at all times give Russia an opportunity to return to diplomacy and the negotiating desk,” she mentioned. “This window remains to be open.”

Russia, which has stationed some 150,000 troopers round Ukraine’s northern and jap borders, is demanding a assure that Ukraine by no means be allowed to affix the NATO alliance, one thing President Vladimir Putin says is important to Russia’s long run safety.

However Von der Leyen, who heads the 27-member European Union’s govt, mentioned Russia’s reliance on fossil gas exports was its weak spot.

“They make up two thirds of its exports, and half of the Russia funds comes from them,” she mentioned. Russia wanted to modernise, and “exactly that will now not be attainable” if additional sanctions had been raised.

(Reporting by Alexander Ratz, writing by Thomas Escritt; enhancing by Grant McCool)