As violence escalates in eastern Ukraine, Europe is moving toward an action some thought it might never take: the imposition of stringent economic sanctions on Russia. Angela Merkel, the Russian-speaking German chancellor whose country has more at stake financially than any other, is leading the charge. Until recently, much of the toughest talk of sanctions was coming from Washington, while the Europeans were regarded as—well, wimps. But now, Berlin “is already busy coordinating the next phase of sanctions behind the scenes,” a high-ranking German government official tells Bloomberg News. “These economic sanctions will be much wider-ranging and also more hurtful to business interests.”
Bloomberg Businessweek: Suddenly, Europe is taking a harder line on Russia sanctions
German Chancellor Angela Merkel announced that Germany had suspended granting licenses for arms exports to Russia.
