The European Commission proposed new sanctions against Russia, including a ban on buying Russian coal and on Russian ships entering EU ports, while it is also working on banning oil imports too.
After “gruesome pictures” from Bucha shocked the planet, the head of the European Union’s executive, Ursula von der Leyen, responded that:
These atrocities cannot and will not be left unanswered. The four packages of sanctions have hit hard and limited the Kremlin’s political and economic options. In view of events we need to increase our pressure further
More specifically, EU’s new proposal suggests a ban on imports of coal from Russia worth 4 billion euros per year, as well as a full transaction ban on four key Russian banks, including the country’s second-largest, VTB.
Ms. von der Leyen added that that EU is “working on additional sanctions, including on oil imports.”
The EU will also ban Russian vessels and Russian-operated vessels from accessing EU ports, though there would be exemptions for agricultural and food products, humanitarian aid and energy.
Furthermore, the EU will ban Russian and Belarusian road transport operators and the sale to Russia of quantum computers, advanced semiconductors, sensitive machinery and transportation equipment worth 10 billion euros annually.
In addition, the 27-nation bloc will stop imports of Russian wood and cement as well as seafood and liquor worth in total some 5.5 billion euros annually.
Finally, it will exclude Russian companies from public procurement tenders in EU countries and add further individuals to a list of people whose assets in the EU will be frozen and who will not be allowed to enter the EU.
It should be recalled that the economic sanctions targeting Russia continue to evolve and escalate with many being coordinated among the EU, UK, US, and their allies including sanctions against President Putin and the Central Bank of Russia. Standard Club’s experts Mrs. Ursula O’Donnell and Mrs. Gina Venezia provide a summary of some of the recent actions.
In the meantime, NATO and EU allies continue to make additions to the designated entities lists so all the members can ensure that they carry out careful examination and inspections using the updated lists.
