The European Union on Friday formally adopted its fifth bundle of sanctions towards Russia because the nation’s Feb. 24 invasion of Ukraine, together with bans on the import of coal, wooden, chemical compounds and different merchandise.
The measures additionally forestall many Russian vessels and vehicles from accessing the EU, additional crippling commerce, and can ban all transactions with 4 Russian banks, together with VTB.
The ban on coal imports might be absolutely efficient from the second week of August. No new contracts might be signed from Friday, when sanctions are to be revealed within the EU’s official journal.
Present contracts should be terminated by the second week of August, which means that Russia can proceed to obtain funds from the EU on coal exports till then.
“These newest sanctions have been adopted following the atrocities dedicated by Russian armed forces in Bucha and different locations beneath Russian occupation,” EU’s high diplomat, Josep Borrell, stated in a press release.
The Kremlin has stated that Western allegations Russian forces dedicated battle crimes by executing civilians within the Ukrainian city of Bucha have been a “monstrous forgery” geared toward denigrating the Russian military.
The coal ban alone is estimated by the Fee to be price 8 billion euros a 12 months in misplaced revenues for Russia. That’s twice as huge because the EU Fee’s head Ursula von der Leyen had stated on Tuesday.
Along with coal, the brand new EU sanctions ban imports from Russia of many different commodities and merchandise, together with wooden, rubber, cement, fertilisers, high-end seafood, corresponding to caviar, and spirits, corresponding to vodka, for a complete extra worth estimated in 5.5 billion euros ($5.9 billion) a 12 months.
The EU additionally restricted export to Russia of quite a few merchandise, together with jet gasoline, quantum computer systems, superior semiconductors, high-end electronics, software program, delicate equipment and transportation tools, for a complete worth of 10 billion euros a 12 months.
The sanctions additionally forbid Russian firms from collaborating in public procurement within the EU and prolong prohibitions in using crypto-currencies which are thought of a possible means to avoid sanctions.
The Fee stated that one other 217 individuals have been added to the EU blacklist as a part of the brand new sanctions bundle, which means their property within the EU might be frozen and they are going to be topic to journey bans within the EU.
Most of them are political leaders of the separatist areas of Luhansk and Donetsk, however the sanctions additionally hit high businessmen, politicians and army employees near the Kremlin.
This brings near 900 the variety of individuals sanctioned by the EU because the begin of Russia’s invasion of Ukraine, which Moscow calls a “particular operation” to demilitarise and “denazify” the nation.
Supply: Reuters (Reporting by Francesco Guarascio and Bart Meijer; modifying by Philip Blenkinsop, Andrew Heavens and Nick Macfie)