A good write-up from WAPO about the EU meeting which occurred on Saturday. Putin has to be feeling the heat and it is going to get worse. And this fellow Zelenskyy is really something else, a man for the moment. We should be so lucky.
After a perfunctory debate, the presidents and prime ministers quickly approved sanctions on Russian President Vladimir Putin, Foreign Minister Sergey Lavrov and some of Russia’s biggest banks. Talk of barring Russia from the global financial messaging system known as SWIFT, however, stalled amid skepticism on the part of Scholz and the leaders of Austria, Italy and Cyprus.
Then Ukrainian President
Volodymyr Zelensky dialed into the meeting via teleconference with a bracing appeal that left some of the world-weary politicians with watery eyes. In just five minutes, Zelensky — speaking from the battlefields of Kyiv — pleaded with European leaders for an honest assessment of his country’s ambition to join the EU and for genuine help in its fight with the Russian invaders. Food, ammunition, fuel, sanctions — Ukraine needed its European neighbors to step up with all of it.
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“It was extremely, extremely emotional,” said a European official briefed on the call. “He was essentially saying: ‘Look, we are here dying for European ideals.”
Before disconnecting the video call, Zelensky told the gathering matter-of-factly that it might be the last time they saw him alive, according to a senior E.U. official who was present.
Just that quickly, the Ukrainian president’s personal appeal overwhelmed European leaders’ resistance to imposing measures that could drive the Russian economy into a state of near collapse. The result has been a rapid-fire series of developments boosting Ukraine’s long shot fight to hold off the Russian military and shattering long standing limits on European assertiveness in national security affairs.
The actions culminated on Saturday, when the U.S., Canada, the United Kingdom and the European Union announced they would bar several major Russian banks from SWIFT, crack down on Russian oligarchs, and prevent the Russian central bank from bailing out the domestic economy. The actions led Russians to crowd ATMs in a desperate bid to withdraw cash and sparked a furious response from Putin, who called them “illegitimate” and ordered his nuclear forces to a higher state of alert.
The latest sanctions mean the western allies are effectively waging financial war against Russia, matching Moscow’s military offensive in Ukraine with attacks on the intangible assets comprising a $1.5 trillion economy.
“We’re not going to fight with bullets. We’re going to choke them financially,” said Marc Chandler, chief market strategist at Bannockburn Global Forex.