Following Russian invasion of Ukraine back in February, MEPs discuss how to deal with the social and economic consequences for the EU of Russia’s war in Ukraine with the Council and Commission, and how to reinforce the EU’s capacity to act. European Commission President Ursula Von Der Leyen announces a new package of sanctions and relief measures.

EU - Ukraine (T)

debate

plenary session

troubles in Ukraine (T)

solidarity with Ukraine (T)

The social and economic consequences for the EU of the Russian war in Ukraine - reinforcing the EU’s capacity to act: - extracts from the announcement of the new sanctions against Russia

SOUNDBITE (English) Ursula VON DER LEYEN, President of the European Commission Today, we are presenting our sixth package of sanctions. First, we are listing high ranking military officers and individuals who committed war crimes in Bucha and those who are responsible for the inhuman siege of the city of Mariupol. This sends another important signal to all perpetrators of the Kremlin. We know who you we will hold you accountable.

SOUNDBITE (English) Ursula VON DER LEYEN, President of the European Commission Second, we finally de-swift Sberbank. Sberbank is one of the is the largest Russian bank. It holds around about thirty seven percent of the whole banking sector. And we will also do with two other major banks in Russia. By that, we hit banks that are systemically critical to the Russian financial system. and Putin's ability to wage destruction.

SOUNDBITE (English) Ursula VON DER LEYEN, President of the European Commission Third, we are banning three big Russian state owned broadcasters from our airwaves. They will not be allowed to distribute their content in the European Union in whatever shape or form.

SOUNDBITE (English) Ursula VON DER LEYEN, President of the European Commission Fourth, The Kremlin relies on accountants, consultants and spin doctors from Europe and this will now stop. We are banning those services from being provided in Russian to Russian companies.

SOUNDBITE (English) Ursula VON DER LEYEN, President of the European Commission Today we are addressing our dependency on Russian oil. And let's be clear, it will not be easy because some member states are strongly dependent on Russian oil, but we simply have to do it. So today we will propose to ban all Russian oil from Europe.This will be this will be a complete import ban on all Russian oil, seaborne and pipeline crude and refined.

SOUNDBITE (English) Ursula VON DER LEYEN, President of the European Commission We want Ukraine to win this war, but we also want to set the conditions for Ukraine's success in the aftermath of the war. And this is my second point. Relief and reconstruction. The first step is immediate relief.

SOUNDBITE (English) Ursula VON DER LEYEN, President of the European Commission Ukraine's GDP is expected to fall by thirty five to fifty percent this year alone. And the IMF estimates that from May on Ukraine, Ukraine needs five billion euros per month plain and simply to keep the country running. So.to pay pensions, to pay salaries, to provide for basic services.We have to support them. But I also know that we cannot do this alone. So I very much welcome that the United States announced massive budgetary support. And we as to Team Europe, we have to do our share too.

SOUNDBITE (English) Ursula VON DER LEYEN, President of the European Commission, But then in a second phase, there is the wider reconstruction effort. And you all know that the scale of the destruction is staggering.

SOUNDBITE (English) Ursula VON DER LEYEN, President of the European Commission Economists are talking about several hundred billion euros and here honourable members. I think Europe has a very special responsibility towards Ukraine.

SOUNDBITE (English) Ursula VON DER LEYEN, President of the European Commission And this is why today I propose to you that we start working on an ambitious recovery package for our Ukrainian friends. If we do it right, this package should bring massive investments to meet the needs and the necessary reforms in parallel.

SOUNDBITE (English) Ursula VON DER LEYEN, President of the European Commission this will bring the stability and the certainty that is needed to make Ukraine an attractive destination for foreign direct investment and eventually honourable members. It will pave the way for Ukraine's future inside the European Union. Slava Ukraina, Long Live Europe.