Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli media: For the first time, Prime Minister Netanyahu is signaling that he wants to end the war on Gaza
Israeli Channel 12, citing an American source: We want to have entered a path toward captive release and a ceasefire before Netanyahu arrives in Washington
Lebanese Ministry of Health: One martyr and two injured in the Israeli airstrike that targeted a motorcycle in the town of Mahrouna
Al Mayadeen correspondent to Southern Lebanon: An Israeli drone strike targeted a vehicle between the towns of Jwayya and Mahrouna.
Al Mayadeen's correspondent in South Lebanon: One martyred in the Israeli drone strike on a car in the town of Kawnin
Al Mayadeen's correspondent in South Lebanon: Israeli drone targets a car in the town of Kawnin
Naeini: If our national interests are attacked again, our response this time will be stronger and more destructive
Naeini: The war has proven that the settlers are defenseless against Iranian missile and drone forces
Naeini: Trump lacks an understanding of the true strength of the Iranian people and is so deluded as to believe he can change the reality of Iran's victory
Naeini: The defeat led to Trump's confusion and loss of balance, which was reflected in his ill-considered statements

EU to 'strangle' Russia economic functions: French FM

  • By Al Mayadeen Net
  • Source: Agencies
  • 24 Feb 2022 23:57
  • 2 Shares
4 Min Read

The West is imposing a round of tough sanctions on Russia due to the latter's special military operation in Donbass aimed at curbing Ukrainian aggression.

  • x
  • Russia's VTB bank
    Russia's VTB bank

The European Union sanctions are aimed at "strangling" Russia's economic functions, French Foreign Minister Jean-Yves Le Drian said Thursday.

"We need to be tough in our response, so the sanctions that we will propose will be large-scale," he underlined.

He explained that they will be aimed at "strangling the economic functioning of Russia - banking, financial measures, measures against technology transfer, industrial, export measures."

US sanctions target 80% of all Russian banking assets

New sanctions over Ukraine target almost 80% of all banking assets in Russia and will have a long-lasting effect on the Russian economy, the Treasury said on Thursday. 

"The US Department of the Treasury's Office of Foreign Assets Control (OFAC) today imposed expansive economic measures, in partnership with allies and partners, that target the core infrastructure of the Russian financial system," the release said.

The sanctions are set to include all of Russia's largest financial institutions and the ability of public and private entities to generate capital, and Russia would be barred from the global financial system.

"The actions also target nearly 80 percent of all banking assets in Russia and will have a deep and long-lasting effect on the Russian economy and financial system," the department continued.

The sanctions target many prominent Russian institutions, such as Sberbank, VTB, Russian Agricultural Bank, Gazprombank, and Novikombank.

Related News

G7 exempts US multinationals from global minimum tax rules

Netanyahu allegedly signals readiness to end Gaza war in first

Defense, aerospace, maritime sectors on the line

The United States is imposing export control sanctions against Russia's defense, aerospace, and maritime sectors over a military operation in Ukraine, the Commerce Department said on Thursday. 

"The US Commerce Department, through its Bureau of Industry and Security, responded to Russia's further invasion of Ukraine by implementing a sweeping series of stringent export controls that will severely restrict Russia's access to technologies," the department's release further said.

They primarily target Russia's defense, aerospace, and maritime sectors, and Washington would be cutting off Russia's access to vital technological inputs, key sectors of its industrial sectors, and would undermine Russia's "strategic ambitions to exert influence on the world stage."

According to the department, under these sanctions, Moscow would not be able to acquire many high-tech items, including semiconductors, computers, telecommunications, information security equipment, lasers, and sensors.

US President Joe Biden played the sanctions card against Russia another time during a White House press conference amid tensions between Washington and Moscow over the former's intention to expand its NATO alliance eastward through Ukraine.

Biden announced Thursday "devastating" Western sanctions on Russia following a closed-door meeting with the group of 7 nations - the United Kingdom, Canada, France, Germany, Italy, Japan, and the United States itself.

The consecutive western sanctions on the Russian federation come after President Vladimir Putin authorized a special military operation in Donbas on Thursday morning, citing neo-Nazi NATO allies moving closer to his nation's border.

Moscow's military operation in Ukraine is not a beginning of a war, but rather an attempt at curbing a global one, Russian Foreign Ministry spokesperson Maria Zakharova said following Western condemnations of Moscow's operations.

Russia has for months been warning of the threat posed against it by NATO's attempts to expand eastward, which happened simultaneously with an increase in NATO military activity along Russia's borders, and batches of lethal weapons being sent to Ukraine, prompting Russia to request security guarantees from the West. Washington failed to provide the guarantees.

Tensions had been soaring between Russia and Ukraine over the Donbass region and announcing it was intending to sign a decree recognizing the independence of the Lugansk People's Republic (LPR) and the Donetsk People's Republic (DPR). 

The announcement had been preceded by intense Ukrainian shelling of the two republics, and Russia's recognition of their statehood was a move to protect the innocent civilians from the Ukrainian aggressions.

  • United States
  • Nato
  • Russia
  • France
  • Donbass
  • Ukraine
  • Joe Biden
  • Vladimir Putin
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

Iranian President Masoud Pezeshkian attends a protest following the US attacks on nuclear sites in Iran, in Tehran, Iran, Sunday, June 22, 2025. (AP)

Iran declares victory as ceasefire forces Israeli retreat

  • Politics
  • 24 Jun 2025
Israeli workers survey the site where a missile launched from Iran struck in Haifa on Sunday, June 22, 2025. (AP)

True Promise 3, wave 20: 40 missiles launched, Kheibar-Shekan in first

  • Politics
  • 22 Jun 2025
Iran launches strikes on Israeli targets, despite alleged ceasefire

Iran victorious as ceasefire with 'Israel' takes effect

  • Politics
  • 24 Jun 2025
Iranian worshippers carry their country's flags in a protest to condemn Israeli attacks on multiple cities across Iran, after the Friday prayers ceremony in Tehran, Iran, Friday, June 20, 2025. (AP)

Iran warns of NPT withdrawal, Strait of Hormuz closure after US attack

  • Politics
  • 22 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
In this June, 12, 2021, file photo, former Secretary of Iran's Supreme National Security Council Ali Shamkhani sits in a meeting in Tehran, Iran.
Politics

Iran strategically foiled Israeli-US scheme, Advisor Shamkhani says

Sheikh Naim
MENA

Let no one think they can subjugate Hezbollah: Sheikh Qassem

Screengrab from a video published by the al-Qassam Brigades shows confrontations with the Israeli occupation forces in Gaza, undated (Al-Qassam Brigades Military Media)
Politics

Al-Qassam releases video of deadly ambush with Israeli forces in Gaza

International Atomic Energy Agency (IAEA) Director General, Rafael Grossi, attends an IAEA Board of Governors meeting in Vienna, Austria, Monday, June 23, 2025 (AP)
Politics

Iran bars IAEA chief Grossi from nuclear facility inspections

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS