EU chief: Russia could be cut off from markets, tech goods

MUNICH (AP) — Moscow would have its access to financial markets and high-tech goods limited under Western sanctions being prepared in case Russia attacks Ukraine, a top European Union official said Saturday.

The comments from Ursula von der Leyen, head of the EU's Executive Commission, came as tensions over Russia's intentions toward Ukraine intensified.

US President Joe Biden said Friday he was convinced” that Russian President Vladimir Putin has decided to invade the neighbouring country.

“The Kremlin's dangerous thinking, which comes straight out of a dark past, may cost Russia a prosperous future,” von der Leyen said during the annual Munich Security Conference, where US Vice President Kamala Harris also spoke.

Von der Leyen said the EU's executive arm has developed a “robust and comprehensive package” of possible financial sanctions against Russia with the US, UK and Canada.

“In case that Russia strikes, we will limit the access to financial markets for the Russian economy and (impose) export controls that will stop the possibility for Russia to modernise and diversify its economy,” she added. “And we have a lot of high-tech goods where we have a global dominance, and that are absolutely necessary for Russia and cannot be replaced easily.”

British Prime Minister Boris Johnson said the UK was coordinating its sanctions closely with the EU.

“If Russia invades its neighbour, we will sanction Russian individuals and companies of strategic importance to the Russian state and we will make it impossible for them to raise finance on the London capital markets,” he said in Munich. Johnson added that authorities would look for “the ultimate beneficiaries” of Russian-owned companies and entities.

German Chancellor Olaf Scholz said that, during a meeting Tuesday with Putin, he “made clear that any further violation of the territorial integrity of Ukraine will have high costs for Russia, politically, economically and geo-strategically.”

Western leaders so far have not specified what precise Russian action would trigger sanctions. A French official who wasn't authorised to be publicly named and spoke on condition of anonymity after Biden conferred with several counterparts on Friday said they were talking about an invasion of territory currently under the control of the government in Kyiv.

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