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Proposed EU sanctions threaten to shut Russia out of the world financial system

OWoN: The impact would be huge to the global economy. The US would shoot itself in both feet. With O's track record?

Does the EU really dare hit Russia with such harsh sanctions?

The Telegraph
By Ambrose Evans-Pritchard
24 July 2014

Here is the EU sanctions document under furious debate today, courtesy of our Brussels correspondent, Bruno Waterfield.

Note the heading “Non paper”. It is leaked, not authorised. This is a menu of options. It requires unanimous backing of the 28 ambassadors. Any one country can veto it. Cyprus may find it too much to swallow, and will need a lot of sugar to help it go down.

The MICEX index of stocks in Moscow rallied in the mid-morning session and is level for the day. The state-owned banks VTB and Sberbank scarcely missed a beat. Investors are clearly calculating that nothing will come of this.

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