Factbox-EU targets coal, vodka, vessels in new Russian sanctions sweep -Breaking
© Reuters. One customer is seen walking past shelves of vodka bottles at a supermarket during the coronavirus pandemic (COVID-19), in Moscow, Russia on April 8, 2020. REUTERS/Maxim Shemetov
By Francesco Guarascio
(Reuters) – On Tuesday, the European Commission recommended new severe sanctions for Russia. These included a ban on imports of coal and a halt to trade valued at nearly 20 billion Euros ($22 Billion) as a retaliation against possible war crimes committed in Ukraine.
This is an overview of the measures which all 27 EU states must approve.
These could be adopted in the next week.
The proposals include banning imports of coal, wood, cement, liquors and seafood worth about 9.5 billion euros ($10.4 billion) a year, according to the European Commission. Sources claim that the regulations will also apply to chemicals, caviar, vodka and rubber.
The Commission stated that coal alone costs 4 billion Euros per year. For comparison, last year’s imports of 100 billion euro worth oil and gas came from Russia. According to the Commission, it is also working towards possible sanctions on oil.
Brussels proposes a ban of Russian exports worth 10 billion Euros per year. This includes advanced semiconductors and quantum computers as well as other electrical and transport devices. A source claims that the ban on exports of technology to liquefy (LNG), is also in place.
Russian trucks and vessels would not be allowed to enter the EU. Food, medicine, energy and other products would all be exempted. Thus, Russian LNG cargoes would remain unaffected.
The application of the sanctions might be complex, as officials frequently stated because it’s not always simple to trace the origin of cargo ships.
These new sanctions will effectively stop goods transport by road or sea. Air traffic with Russia has been banned by the EU.
It also suggested that transactions with VTB, and three other Russian banks be banned. These Russian banks have been previously excluded from SWIFT’s messaging system.
According to an EU source, 36 more people, including politicians and oligarchs, will be added on to the EU’s sanction list. There are hundreds of names on the current sanctions list. Separatist leaders will also be included in the existing sanctions list.
Also, the Commission proposed that Russian companies be banned from participating in EU public procurements and all financial support for Russian public bodies to be withdrawn.
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