European Union blocks Central Bank of Russia transactions

Despite Vladimir Putin’s decision “Power of Deterrence“Russian troops that may contain nuclear components,The European Union did not allow itself to impress and re-consolidated its tone to Russia. This Sunday, the European Union’s Foreign Minister announced Josep Borrell, head of European diplomacy, in support of the entry into force of new sanctions against Russia by Monday. His ministers have certainly reached a political agreement on a series of measures to support the Ukrainian army, new sanctions and initiatives aimed at isolating Russia and countering disinformation, Josep Borrell said. Said.

“During the weekend, we have worked hard. We want to make a decision that must be implemented, agreed upon and legally acted upon in advance to be able to apply them. I am. [lundi]When the central bank reopened, “he said at a press conference.

Blocking transactions of the Russian National Bank

The measures are very powerful. Western nations have already acted on the principle of separating Russia from the Swift interbank system and freezing many oligarch assets, but European foreign ministers have agreed to the G7’s authority to trade in the Russian central bank. I agreed to stop it. According to Josep Borrell, the deal will paralyze “more than half of the reserves” of financial institutions located in banks in G7 countries. Already on Saturday, members of the G7 and the European Union will severely limit the ability of the Central Bank of Russia to convert its foreign exchange reserves (foreign currency, western sovereign debt), and the operation of the Central Bank of Russia on their land. Agreed to prevent. Currency etc.).

Objective: To prevent Moscow from using it to fund the Ukrainian conflict and counter the effects of Western sanctions on the Russian economy.

“If Western leaders manage to shut down the Central Bank of Russia, it will really affect the Russian people,” World Bank Governor David Malpass told CBS.

According to financial institution Bloomberg, central bank reserves amount to about $ 640 billion, including gold reserves, especially as well as dollar, euro and yuan assets.

“It is not possible to block the reserves of central banks in Moscow and China. Over the past year, Russia (…) has reduced reserves in dollars to increase reserves for yuan, rubles and gold. That’s preparing for the current situation, “said Joseph Borrell.

Excluding Russia from Swift, discussions continue

Meanwhile, 27 ministers have not yet agreed to exclude Russian financial institutions from the international interbank messaging system. This is the passage of payment orders and funds between banks.

The European Commission announced on Saturday that it would propose to member states to block access to “a certain number of banks” to Swift, but states are concerned about the impact of this measure.

Ukraine: Western countries separate Russia from the Swift interbank network (economic nuclear weapons)

“It was discussed, but there is no consensus needed so far. Such measures envision some country coordination and will continue to be addressed, including at the international level,” explains Josep Borrell. did. ..

The European Commission is still in talks with London and Washington to identify the target Russian banks, and the proposal should be finalized on Monday, according to AFP, citing European sources.

In addition, the European Union has released € 450 million to buy weapons for the Ukrainian army, and some countries are ready to offer fighters to help resist Russia’s attacks.

Historically, the European Commission buys weapons and then delivers them to Ukraine

“Ukrainian diplomatic Prime Minister Dmytro Kuleba said he needed a plane that Ukrainians could fly. Some member states have such planes and provide other weapons needed for the war,” Josep said.・ Borrell said.

Tuesday’s G7 meeting, especially to evaluate aid to Ukraine.

In addition, World Bank Governor David Malpass said the G7 Treasury Minister will meet on Sunday, especially to evaluate aid to Ukraine. Without mentioning the amount, the World Bank is ready to provide support “in the next few days” through rapid payment financing as well as funding for existing programs to support refugees such as Moldova and Romania. Said that it was done.

According to him, Western sanctions that plan to exclude Russian banks from the Swift interbank platform will affect Russia’s banks, one of the world’s largest producers, but apparently gas and gas and It does not affect the oil industry. ” Officials further commented that it would be difficult for Moscow to divert the effects of Swift sanctions over the long term by reaching out to China’s competitive system. “I don’t think it goes that far,” he said. Asked about the impact of Russia-Ukraine conflicts and sanctions on global inflation, the World Bank governor admitted that “there are great concerns about oil and food prices.” “Inflation is hitting the poor, which will push up energy and food prices,” he lamented. Crude oil, liquefied gas, and grain prices, including regions, have peaked. According to him, “there is an alternative to Russian rule” in the gas and oil markets. “The United States can offer much more if it decides to do so,” guaranteed David Malpass.

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France asks its people to leave Russia “without delay”

France is now “enhancing restrictions on air traffic between Russia and Europe”, so that people passing through Russia “leave the country without delay” and all French people leave Belarus by road. Recommended.Sunday

Following the Ukrainian invasion, “The European Union has just announced a decision to close European airspace to Russian planes and airlines without delay,” the French Ministry of Foreign Affairs gave the latest advice to travelers to Russia. Is emphasized. According to the text, “Most European companies, including Air France, have stopped flying to and over Russia from the evening of Sunday, February 27.”

“Because of the tightening of air traffic regulations between Russia and Europe, French people (tourists, visitors, students, mission experts) passing through Russia can arrange to leave the country without delay by existing air links. It is highly recommended to do so. “The ministry has called for” postponing the trip to Russia. “

In addition, according to travel advice to Belarus, “in the context of military tensions between Ukraine and Belarus and the closure of Belarus airspace, travel to Belarus is not officially recommended.”

The French there said, “You can leave the country without delay via the border crossings with Lithuania, Poland and Latvia. If necessary, passengers arriving by plane will be served by the Ministry of Interior of Belarus. Must apply for exit. “Specifies French diplomacy.

Washington also told its citizens to “leave Russia soon” on Sunday in the face of flight cancellations and airspace closures announced by many states against Russian planes in response to Russia’s invasion of Ukraine. I advised you to consider it.

(With AFP)