‘Will make Kremlin pay’: EU bans all Russian products in new sanctions on Moscow

Days after Russian President Vladimir Putin ordered mobilisation after suffering setbacks in eastern Ukraine, the European Union (EU) on Wednesday announced more sanctions on Moscow. European Commission President Ursula von der Leyen said last week Russia escalated its invasion of Ukraine to a new level. The sham referendum in regions that Russia has occupied is an illegal attempt to grab lands and change international borders by force. 

She said the mobilisation and Putin's threat to use nuclear weapons are further steps on the escalation path. "We do not accept the sham referendum and any kind of annexation in Ukraine. We are determined to make the Kremlin pay for this further escalation," she said. 

Leyen then announced sweeping bans on Russian products in the European markets and said this will deprive Moscow of additional 7 billion euros in revenue. The commission also proposed to increase the list of products that cannot be exported to Russia. The aim of this, she said, is to deprive the Kremlin military of key technologies. For example, this includes additional aviation items, components, and specific chemicals. These additional bans will weaken Russia's economic bases and will weaken its capacity to modernise, Leyen said.   

She also announced a price cap on Russian oil. "Russia is using the profits from the sale of fossil fuels to finance its war. Today, we are laying the legal basis for an oil price cap. It will help reduce Russia's revenues and keep global energy markets stable," the president said.

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