EU vows to increase sanctions if Russia invades Ukraine | Globalism

“We will respond to any future attacks by increasing and expanding existing sanctions,” von der Leyen said in a message posted on Twitter. “We are ready to take additional restrictive measures, in coordination with our partners.”

These statements came as US President Joe Biden held a video conference with Russian President Vladimir Putin in an attempt to dissuade him from invading Ukrainian territory. And the conversation lasted two hours, according to the White House, which has not yet revealed the details of the dialogue.

Biden spoke with leaders from France, Germany, Italy and the United Kingdom to align positions before calling Putin. White House officials said the US president would alert the Russian president to the economic consequences of action against Ukraine.

“We’ve consulted with our allies and believe we have a way forward that will inflict significant and severe damage to the Russian economy,” White House spokeswoman Jen Psaki said when asked about the dialogue on Monday.

European diplomats told the Financial Times that the European Union was discussing imposing sanctions on Russia’s economy and financial system. Sources in the bloc also revealed that the United States is pressing for measures aimed at preventing the Kremlin from converting rubles into dollars, which would make oil sales more difficult. Another target would be the economic interests of the Russian oligarchs.

The White House is also pressing the new German government, led by Social Democrat Olaf Schultz, to commit to abandoning the controversial Nord Stream 2 pipeline if Russia invades Ukraine, according to sources consulted by Bloomberg.

US Secretary of State Anthony Blinken warned last week that the invasion could lead to tougher sanctions against Moscow than those imposed so far by the US government.