‘Nothing Is Off the Table’ for EU Sanctions on Russia, Says McGuinness
(Bloomberg) -- The European Union is preparing for a prolonged war following Russian President Vladimir Putin's invasion of Ukraine, according to Commissioner Mairead McGuinness, who warned there were no limits to further sanctions the bloc will consider.
“Nothing is off the table,” said McGuinness, the EU's commissioner for financial stability. “We would like to think that this war will not be prolonged, but I'm afraid we're also planning for it being a very lengthy battle.”
“Everything that we do will focus on attacking the war machine with pulling away money, but equally addressing the significant humanitarian needs of the people of Ukraine,” she said in an interview Thursday.
Sanctions imposed by the EU so far on a range of Russian banks and individuals have not affected the bloc's financial stability, according to McGuinness, who said it's not something she's “overly at all concerned about” due to the finance sector's limited exposure.
End of Oligarch Era Nears With Putin's Miscalculation in Ukraine (2)
Even so, the conflict will have knock-on economic effects on supply chains, energy prices and the availability and cost of food and commodities, she warned, following an ESG seminar with business delegates in Dublin.
“If ever we are exposed and are vulnerable, we see it today in terms of energy supply,” she said, stressing that it was not the time for leaders to turn away from commitments to a greener economy. Vulnerabilities around energy “will impact everything,” she added.
European Gas Futures Swing Wildly as Market Faces War Volatility
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