The West continues increasing pressure on Russia. The European Union member-states have coordinated the package of sanctions, but they have to define the names against whom they will be applied. John Kerry warned: “Once a wrong choice is made, the situation could change rapidly in many areas. Meanwhile, the Russian authorities have been consulting with the oligarchs and plan to apply sanctions similar to those that have been imposed on Iran.
US President said at the meeting with the Ukrainian leader that Russia “will pay a high price,” if it refuses to step back, wrote The Washington Post.
On March 12 at the meeting with Ukrainian acting Premier Yatzenyuk in the US President Obama said the US and its allies “will have to make Russia pay, if it violates the international law and starts the invasion.”
The Guardian wrote that on March 12, 2014 British Premier David Cameron said that London supports the proposals to ban entry of high-ranking Russian officials to Europe. In particular, it offers to apply the ban on the Russian Duma Deputies, who have initiated the draft law, which will allow the Crimea to join Russia after the referendum. The issue of freezing the assets has not been brought up yet.
The goal of the British authorities is to keep on increasing pressure to persuade President Putin to create “the contact group,” reads the article.
The newspaper writes that the West has worked out the three-phase system of sanctions: At first, visa limitations, then ban on entry and freezing the assets and at last, wider economic sanctions.
Meanwhile, on March 12, 2014 the US Senate International Affairs Committee approved the draft law to introduce strict sanctions against Russians involved in invasion of Ukraine, provide financial aid to the new Ukrainian government and reform the US involvement in the IMF, reported Reuters. The draft law must get the approval of the US Senate and the House of Representatives.
The legislative initiative envisages introduction of sanctions against Russians and Ukrainians suspected of violation of human rights during the protests in Ukraine and undermining stability and safety of the states, but it will not affect the Russian corporations and banks.
Although Europe is determined to introduce the sanctions, there is a fear that Russia could retaliate. EU receives 30% of gas from Europe. Direct foreign investments of the EU to Russia reach 170 billion Euro and in 2012 trade turnover between EU and Russia totaled 335 billion Euro.
