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​Polish MEP urges Europe to stop Russian ruble trading

Published time: August 21, 2014 10:17
Ryszard Czarnecki (Image from wikipedia.org)

Ryszard Czarnecki (Image from wikipedia.org)

To make sanctions against Russia efficient, a Polish MEP said they need to be “preventive, prophylactic sanctions,” rather than reactive. Ryszard Czarnecki represents one of the countries hardest hit in the “sanctions war” between Russia and the West.

"The Russian ruble should stop being a convertible currency, the ruble should be excluded from international financial turnover," RIA quotes Czarnecki speaking at Poland's parliament.

"To counter Russia's aggressive military actions, pre-emptive sanctions should be considered," Czarnecki added.

Cutting the Russian ruble out of the international financial markets would hit the country’s economy hard, he said.

When Visa and MasterCard refused to serve the customers of a Moscow bank, the effect was impressive."

Czarnecki also proposed to cut supplies of Russian energy, as well as control transit of Russian gas to Europe.

Poland is one of the countries hit the most by Russian countermeasures, with food exports of $1.5 billion in 2013. Together with the Netherlands and Germany, Poland was among Russia's top-three biggest food suppliers in the EU. Earlier this week Poland’s Economic Ministry sent the European Commission a request to open an official complaint at the WTO to examine Russia’s EU food embargo.

READ MORE: Who is hit hardest by Russia's trade ban?