European Commission further tightens net of sanctions on Russia, crypto-assets included

European Commission President Ursula von der Leyen on Wednesday said they are "further tightening the net of sanctions" on Russia after its invasion of neighbouring Ukraine.

Taking to Twitter, Ursula von der Leyen wrote, "We are further tightening the net of sanctions responding to Russia’s military aggression against Ukraine."

"Listing 160 individuals: oligarchs, Russian Federation Council members

•Belarus banking sector

•Export of maritime navigation technology to Russia

•Adding crypto-assets," she added.

Earlier in the day, New Zealand lawmakers have unanimously passed a bill to impose economic sanctions on Russia.

Unlike many countries that had already imposed sanctions, New Zealand's laws didn't previously allow it to apply meaningful measures unless they were part of a broader United Nations effort. Because Russia has U.N. Security Council veto power, that had left New Zealand hamstrung.

The new law, which was rushed through in a single day, targets those in Russia associated with the invasion, including oligarchs. It will allow New Zealand to freeze assets and stop superyachts or planes from arriving. Lawmakers said it would stop New Zealand becoming a safe haven for Russian oligarchs looking to avoid sanctions elsewhere.

Also, Britain today unveiled new aviation sanctions which give the power to detain any Russian aircraft and ban exports of aviation or space-related goods to Russia.

The ban includes any aircraft owned, operated or chartered by anyone connected with Russia or designated individuals or entities, and will include the power to detain any aircraft owned by persons connected with Russia, the Foreign Office said in a statement.

Published on: Wednesday, March 09, 2022, 05:37 PM IST