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27 Feb, 2023 15:50

EU reveals cost of latest anti-Russia sanctions

The restrictions target exports of advanced technologies and imports of high-revenue goods
EU reveals cost of latest anti-Russia sanctions

The European Commission (EC) has estimated the cost of penalties imposed on Russia as part of its tenth sanctions package at a total of €12.7 billion ($13.4 billion), according to a press release published on Saturday.

The EU rolled out its latest raft of sanctions a day after the one-year anniversary of the start of Moscow’s military operation in Ukraine. The new bans cover EU exports worth €11.4 billion ($12 billion), they come on top of the €32.5 billion ($34.3 billion) worth of goods already sanctioned in the previous packages, and account for nearly half (49%) of its exports in 2021, the EC said.

The new restrictions target exports of assorted dual-use goods, namely "electronics, specialized vehicles, machine parts, spare parts for trucks and jet engines, as well as goods for the construction sector."

The sanctions also ban Russian exports to the bloc worth €1.3 billion ($1.37 billion) in addition to €90 billion ($95 billion) previously sanctioned, representing altogether 58% of the EU's 2021 imports. The imports black list includes high-revenue goods such as bitumen and related materials like asphalt, synthetic rubber and carbon black.

These goods can be delivered to the EU until May 27, 2023 under contracts signed before February 26, except for carbon and synthetic rubber, for which import quotas have been issued until mid-2024.

According to Politico, Italy, with its leading tire manufacturer Pirelli, has lobbied for high quotas for imports of synthetic rubber which is used in tires.

The bloc has also broadened the scope of restrictions on Russia’s banking sector, blacklisting three large private lenders, Alfa-bank, Tinkoff and Rosbank.

The tenth package of EU sanctions also bans Russian residents from holding top posts at critical European infrastructure companies and restricts the provision of gas storage capacity to Russian entities, excluding liquefied natural gas (LNG). It also requires European banks to report on funds that belong to Russia’s central bank and on those linked to sanctioned Russian companies and individuals.

For more stories on economy & finance visit RT's business section

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