European Commission President Ursula von der Leyen said that Russia would be cut off from international financial markets if it invaded Ukraine. In that case, the country will also be denied access to essential goods from Europe.

Von der Leyen thus announced some details of the sanctions that Russia will face in a possible invasion of Ukraine. Western leaders and NATO have feared such a Russian invasion for some time now. So far, however, they have refused to comment on the details of the agreed economic measures in that case.

“Russia will in principle be cut off from international financial markets,” the EU boss told German television channel ARD late on Sunday night. And she added that Russia would also be deprived of “all the goods that we make that Russia urgently needs to modernize and diversify its economy, and for which it has no replacement itself”.

Von der Leyen emphasized that the sanctions will only be imposed after a possible invasion. She thus rejected a call from Ukrainian President Volodimir Zelensky to impose sanctions immediately. “The move towards sanctions is so huge and drastic that we always have to give Russia a chance to return to diplomacy and the negotiating table first,” she said. “This window is still open.”