“This package will include financial sanctions that harshly limit Russia's access to the capital markets. These sanctions will have a heavy impact. Russia's economy has already faced intensive pressure in the recent weeks. And these pressures will now accumulate. These sanctions will suppress Russia's economic growth; increase the borrowing costs; raise inflation; intensify capital outflows; and gradually erode its industrial base. The second main pillar of our sanctions concerns limiting Russia's access to crucial technology. We want to cut off Russia's industry from the technologies desperately needed today to build a future. Our measures will weaken Russia's technological position in key areas, actually from which the elite makes most of their money. And this ranges from high-tech components to cutting-edge software. This will also seriously degrade the Russian economy in all areas in the future. Let me be very clear: It is President Putin who will have to explain this to his citizens. I know that the Russian people do not want this war.”

by: Ursula von der Leyen