Trade advertising banks New EU sanctions against Moscow in effect

Trade, advertising, banks: New EU sanctions against Moscow in effect

Updated on 02/26/2023 00:31

  • Since February 2022, the EU has already implemented many punitive measures against Moscow.
  • According to EU Commission President von der Leyen, the tenth package since the start of the war includes the “most far-reaching sanctions ever”.
  • The new restrictions and bans are also aimed at weakening Putin’s war machine.

More news about the war in Ukraine

The European Union implemented a new package of sanctions against Russia with export restrictions worth more than 11 billion euros. European Commission President Ursula von der Leyen spoke on Saturday of “the most far-reaching sanctions ever, which are decimating Russia’s war arsenal and deeply interfering with its economy”. EU foreign policy chief Josep Borrell said: “We will continue to increase the pressure on Russia – for as long as it takes until Ukraine is freed from brutal Russian aggression.”

Permanent representatives of EU states had already agreed to the new measures on Friday, the anniversary of the Russian invasion of Ukraine. It is the tenth sanctions package since February last year. It became effective when it was published in the Official Journal of the EU on Saturday night.

Exports to Russia almost halved

Specifically, new export bans are planned for industrial goods that Russian industry cannot source from third countries such as China. This includes machine parts, antennas, cranes, special vehicles and spare parts for trucks and engines. In addition, there must be restrictions on the export of electronic components that can be used in Russian weapons systems, as well as in drones, rockets and helicopters. Certain rare earths and thermal imaging cameras are also covered by the new rules. According to the EU Commission, the EU has already restricted exports totaling almost €44 billion. This accounts for nearly half of all exports to Russia in the pre-war year.

In addition, there are new import restrictions worth almost 1.3 billion euros for synthetic rubber and bitumen, for example. According to the EU Commission, imports worth more than €90 billion are now affected by import restrictions – around 58% of imports in 2021.

Action must also be taken against Russia’s supply of civilian goods that can be used for military purposes, such as drones. According to the EU Commission, seven companies from Iran are being sanctioned for being involved in supplying Russia with Shahed-type drones and using EU parts.

1473 people on the EU sanctions list

As with previous packages, additional sanctions will be imposed on individuals and entities accused of undermining or threatening the territorial integrity, sovereignty and independence of Ukraine. They can no longer enter the EU and any assets they may have in the EU must be frozen. 87 other people and 34 organizations are affected. According to the Council of Member States, the EU has now placed a total of 1473 people and 205 organizations on the sanctions list for this reason.

Read too: Why sanctions don’t work – and why they do

Among the new listings is Alfa-Bank, considered Russia’s largest private financial institution. Its most influential shareholders have been on the EU sanctions list since last year, including the bank’s billionaire founder Mikhail Fridman. In addition, the punitive measures are aimed at Tinkoff Bank and Rosbank.

Also included on the sanctions list were deputy ministers, Russian government officials, those responsible for the deportation and forced adoption of Ukrainian children, propagandists, and new members of the Russian Federation Council.

With bans against Russian propaganda

Furthermore, Iranians who are allegedly involved in the production of drones and parts to support the Russian military are sanctioned. Among other sanctions regimes, the EU has also imposed sanctions on eleven other members and seven institutions linked to the Russian mercenary group Wagner. Some of them are accused of serious human rights violations in the Central African Republic and Sudan, others say they endanger security or stability in Mali. Two people were sanctioned in connection with the war in Ukraine. It is said that you were involved as a commander in the capture of the small town of Soledar in the Donetsk region in January 2023.

To act against Russian propaganda, the two broadcasters RT Arabic and Sputnik Arabic will also be banned.

Furthermore, in view of the possible use for the reconstruction of Ukraine, all frozen assets of the Central Bank of Russia and other frozen Russian assets in the EU are to be reported in the future. Furthermore, Russians will no longer be able to sit on the executive bodies of EU companies responsible for critical infrastructure such as energy supply. (dpa/better)