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8 Apr, 2022 10:43

EU announces new Russia sanctions

The penalties include financial and trade restrictions but exclude most energy imports
EU announces new Russia sanctions

The European Union revealed the fifth round of economic sanctions against Russia over the conflict in Ukraine on Friday.

The package was approved by the EU’s Committee of Permanent Representatives on Thursday and was published by the Council of Europe on its website on Friday.

They include restrictions on the financial and trade sectors but avoid targeting imports of oil and natural gas from Russia.

The new set of restrictions bans transactions with “four key Russian banks” and freezes their assets. The names of the banks in question have not yet been revealed.

The EU’s blacklist on Russian and Belarusian “key businesspeople, officials, and family members” has been expanded, with the names of those affected to be published later.

The ban on the sale of banknotes denominated in euros and any other of the bloc’s official currencies, and securities to legal entities of Russia and Belarus has also been extended. Cryptocurrency transactions have also been restricted further, targeting any individual and entity in Russia and Belarus.

Russian-flagged ships can no longer enter the EU’s ports and Russian and Belarusian trucks can’t enter the bloc’s territory, even for transit, with the exception of deliveries of medical supplies, food, humanitarian aid, and energy.

The EU also banned the export of quantum computers, semiconductors, and jet fuel to Russia, and prohibited Russian imports such as timber, cement, fertilizers, seafood, and spirits.

The EU also agreed to an embargo on Russian coal estimated to be worth €4 billion per year, which will take effect in August, the EU Council said.

EU member states, many of which are heavily dependent on Russian energy, have so far been unable to agree on sanctions targeting Russian oil and natural gas.

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