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1 1 (July 28, 2022)

handle is hein.crs/goveien0001 and id is 1 raw text is: Congressional ____ ~ Research Service Russia's Invasion of Ukraine: European Union Responses and Implications for U.S.-EU Relations Updated July 28, 2022 The 27-member European Union (EU) has implemented a wide range of policy responses to Russia's 2022 war against Ukraine. EU actions and coordination with the United States are of interest to Congress given the EU's role as an important U.S. partner. Key EU Responses Sanctions The EU has imposed several rounds of increasingly punitive sanctions-or restrictive measures- intended to cripple Russia's ability to finance the war against Ukraine, enact costs on Russia's elites, and diminish Russia's economic base. Imposing sanctions requires unanimity among EU members. Despite the EU's significant trade and investment ties to Russia, most EU sanctions were agreed swiftly. European reliance on Russian energy imports, however, has made targeting such imports challenging, and the EU has not sanctioned Russian gas imports. As of late July 2022, EU sanctions include Imposing asset freezes and travel bans on 1,212 Russian officials, legislators, and other elites and freezing the assets of 108 entities (including several key banks) Expanding sanctions on Russia's financial sector, including debt and equity restrictions on certain banks and companies Restricting transactions with Russia's Central Bank and blocking access to its reserve holdings Disconnecting 10 leading Russian financial institutions from SWIFT (the world's dominant international financial messaging system, headquartered in Belgium), including Sberbank, Russia's largest bank Prohibiting Russian coal imports Congressional Research Service https://crsreports.congress.gov IN11897 CRS INSIGHT Prepared for Members and Committees of Congress