"We are committed to removing a number of Russian banks from the Swift payment system. This will halt their operations and stop Russian imports and exports." It also aims to cripple the assets of the Russian central bank." The European Union and its partners are working to cripple Putin's ability to finance his war machine. We have decided that Russia must pay an unprecedented price for this aggression. All of this will erode their economy, they want to destroy it. Ukraine but what they are doing is also destroying their own country.” This was conveyed by the President of the European Commission, Ursula von der Leyen, in a press conference after tonight's videoconference with German Chancellor Olaf Scholz, Prime Minister Mario Draghi, United States President Joe Biden, French President Emmanuel Macron. For the European Commission president "when Russian forces launch their attacks on Kiev and other Ukrainian cities, we are determined to continue to impose costs on Russia that will further isolate Russia from our international financial system and our economy". Von der Leyen said the decision was to impose costs on Russia that were critical to their economy. "We have considered tightening our measures" to strengthen our response to Russia's invasion of Ukraine and hinder Putin's ability to finance his war machine. Von der Leyen will propose several steps to EU leaders: “First, we commit to removing a number of Russian banks from the Swift payment system. This will halt their operations and stop Russian imports and exports, undermining their ability to operate globally." Second, "we will ensure that Putin no longer uses his war funds. We will disable the transactions of the Central Bank of Russia. This will block the transactions. And it will make it impossible for the Central Bank to liquidate its assets." Von der Leyen went on to explain that work would be carried out to prohibit Russian oligarchs from using their financial assets in our market, in particular his commitment was "to take measures to limit the sale of citizenships, so-called golden passports" to prevent wealthy Russians connected with the Putin government from being able to access our financial system.
The fourth commitment is to establish a "transatlantic task force that will ensure the effective implementation of our financial sanctions by identifying and freezing the assets of sanctioned individuals and companies". Sanctions are also expected to be imposed on "additional Russian officials and elites close to the Russian government, as well as on their families and those responsible for identifying and freezing the assets they hold in our jurisdiction". Von der Leyen also concludes by talking about strengthening coordination between countries against disinformation and other forms of hybrid warfare.