For the moment, the unprecedented sanctions against Russia after its military intrusion in Ukraine do not directly affect the Luxembourg financial centre, which remains on the lookout nonetheless.
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Days after crossing Ukraine's borders and launching its army into Kyiv and the country's major cities, Russia is facing a series of "heavy" economic and financial sanctions, according to its president Vladimir Putin. The United States and Europe raised their voices after initial announcements of sanctions when the Russian president recognised the independence of the two separatist regions of Donetsk and Luhansk on 21 February.
At the time, the only sanctions in place were economic sanctions against these regions, targeted sanctions against nearly 400 people and restrictions on Russia's financing on the European Union's financial markets. Berlin had also taken the decision to freeze the commissioning of the Nordstream II gas pipeline linking Russia to Germany, a project dear to Moscow for which Western Europe remains the main customer. The Russian army's advance into Kyiv, amounting to an outright invasion of Ukraine, has led to a new wave of sanctions targeting the financial, energy and transport sectors.
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