04/09/2022 11:24 (act 04/09/2022 13:10)
The new sanctions package provides for further restrictions on trade with Russia. ©REUTERS/Data Ruvic/Illustration
The new EU sanctions against Russia include an import ban on coal, wood and vodka and a number of other punitive measures.
New EU sanctions against Russia are in place. The relevant legal acts were published in the Official Journal of the European Union on Friday. EU states had already approved an EU Commission proposal for a fifth sanctions package since the start of the Russian war against Ukraine. It provides for a ban on imports of coal, wood and vodka and various other punitive measures. A transitional period of 120 days applies to the coal embargo.
“The purpose of our sanctions is to stop the ruthless, inhuman and aggressive behavior of Russian troops and to make it clear to decision-makers in the Kremlin that their unlawful aggression comes at a high price,” said EU foreign policy chief Josep Borrell. .
Severe sanctions for war crimes in Bucha
The reason for the new severe sanctions against Russia is, in particular, war crimes that became known in the area around the capital Kiev after the withdrawal of Russian troops. The new punitive measures are primarily aimed at increasing economic pressure on Russia. According to the latest information from the European Commission, the coal embargo alone could mean less revenue of around eight billion euros a year.
Also part of the sanctions package is a complete ban on transactions at the expense of four major Russian banks, including Russia’s second-largest bank VTB. Ships flying the Russian flag must also be banned from entering EU ports. This also applies to ships that have flown the Russian flag since the beginning of the war, so a change of flag does not detract from the sanction. There should be exceptions for the delivery of food, humanitarian aid and energy.
More restrictions on trade with Russia
The new sanctions package also provides for new restrictions on trade with Russia worth around ten billion euros. According to the Commission, these include quantum computers and means of transport. Products such as wood, cement and spirits worth €5.5 billion can no longer be imported into the EU. Furthermore, Russian companies are excluded from almost all public tenders in the EU.
Another 217 people and 18 organizations are also on the EU sanctions list. This means that they would no longer be allowed to enter the EU and any assets in the EU would be frozen. Among those affected are the two daughters of Russian President Vladimir Putin and the oligarchs Mosche Kantor, Boris Rotenberg and Oleg Deripaska.