EU sanctions to 'suppress Russia's economic growth'

European Commission President Ursula von der Leyen

© APA | European Commission President Ursula von der Leyen

# 24 February 2022 17:13 (UTC +04:00)

The European Union will unveil additional sanctions on Russia later today, which will "suppress Russia's economic growth, increase the borrowing costs, raise inflation, intensify capital outflow and gradually erode its industrial basis," European Commission President Ursula von der Leyen said on Thursday, APA reports citing Teletrader.

She added that the EU wants to "cut off Russia's industry from the technology desperately needed today to build a future," including areas "from which the elite makes most of their money, ranging from high-tech components to cutting-edge software." Von der Leyen claimed the measures "will also seriously degrade the Russian economy in all areas in the future."

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