Western governments offer sanctions against Crimean secessionists

Western governments imposed numerous sanctions on Russian and Ukrainian officials on March 6. German Chancellor Angela Merkel vowed to freeze the bank accounts of Russian officials in Germany should they fail to de-escalate the military aggression in the Autonomous Republic of Crimea, the Associated Press news agency reported. The U.S. announced travel bans against both Russian and Ukrainian officials “responsible for or involved in encroachments upon the sovereignty and territorial integrity of Ukraine.” U.S. President Barack Obama also issued an executive order that provides the legal basis for imposing sanctions on “individuals and entities” who have undermined Ukraine’s territorial integrity, the New York Times reported. Meanwhile, the EU has halted its negotiations with the Russian government for visa liberalization for its citizens, said European Council President Herman Van Rompuy.

Zenon Zawada: The use of sanctions against Ukrainian oligarchs showed that financial sanctions, such as bank account freezes, are more effective than travel bans. Judging by the effects of the Magnitsky Act, the Russians aren’t as easily intimidated as the Ukrainians. So far however, they’re the best tool the West has.