EU High Representative for Foreign Affairs and Security Policy Josep Borrell said on March 4, 2022, in response to a question about what sanctions against Russia the European Union would impose tomorrow:
“I understand that new sanctions are important to you. For me it is more important to apply yesterday’s sanctions. But we are considering a new package. For example, we can increase the number of Russian banks disconnected from SWIFT, although we have not yet decided on specific banks. We could deepen the financial sanctions. But please stop for a moment and think about the consequences of what we have already done.
Today Russia has defaulted on some ruble-denominated debt and is not paying dividends to Western investors – to the tune of $29 billion. This is an important consequence – instantaneous, less than three days. The decision to block the reserves of Russian banks will have multiple consequences”.
Three days have thus passed and the negative consequences for the West on one issue alone, the refusal to pay dividends to Western investors, could amount to $29bn. This is the first Russian counter-sanctions, a comprehensive response to the prohibitive sanctions pressure on our country is still being developed.
Obviously, Russia’s comprehensive response to the Western sanctions will be pragmatic so that it does not affect Russian interests too much. “I will freeze my ears off in spite of my grandmother” is not our approach.
As for attitudes towards sanctions in general, Russian President Vladimir Putin spoke very well on this topic back on 3 October 2018 at the plenary session of Russian Energy Week: “I sometimes think that it would be good for us if those who want to impose sanctions would impose all the sanctions they can, and as quickly as possible. That would free our hands to defend our national interests by the means we consider most effective for us.”
Elena Panina
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