Emmanuel Marconi, Biden and the EU bloc decided on ‘Massive Sanction’ against Russia on 11th March 2022. The sanctions included a ban on imports and exports of Russian trade in the international market forum.
The decision was taken after the two-day EU summit at Versailles. The consensus aimed to put economic pressure on Putin condemning Russia’s Ukraine invasion. The United States of America, the EU along G7 countries have allied together to internationally resolve the issue at hand.
Details of Consensually imposed trade sanctions
The trade sanctions are imposed by the USA, EU bloc along with the involvement of G7 countries. The sanction aims to strip Russia of its trade status. It focuses on financially pressurizing Putin into calling a ceasefire in Ukraine. Furthermore, French president Marconi also threatens ‘Massive Sanctions’ if Russia opted to use nuclear weapons.
The sanctions were a result of the two-day EU summit in Versailles. It was part of the 4th package of sanctions in the series aimed to economically pressure Putin. The USA has launched an import ban on seafood, alcohol and diamonds from Russia.
‘No Vodka, no Diamonds, no luxury goods.” Said the USA after it imposed the ban on Friday, 11th March, 9:50 P.M. Furthermore, the EU bloc warned that it will impose an import and export ban on luxury goods as well. “A blow to Russian elite”, said European Commission president Ursula Von Der Leyen at 11:0 P.M.
Additionally, the summit aimed to revoke Russia’s members to the International Monetary Fund, World Bank and World Trade Organization. The ban on the import of steel and iron from Russia aimed to impact its billion-dollar revenue source.
The set of sanctions is expected to destabilize the domestic industries of Russia. It comes with a hope that Putin may call a halt on the Ukraine invasion if he falls short of financial funding for the possible war. USA and EU are constantly working on resolving havoc at the international forum.
Published by: Shivani Bhalke
Edited by: Subbuthai Padma
