Next week, the European Union will present a new package of sanctions against Russia over its large-scale military invasion of Ukraine.
The draft of the European Union’s 12th sanctions package against Russia will be presented to EU member states next week, Bloomberg reported.
According to unofficial reports, a significant part of the package consists of measures against sanctions circumvention, sanctions on dual-use goods and a ban on the import of Russian diamonds. The new package of EU sanctions is expected to cost Russia a loss of at least $5.3 billion in revenue for the Kremlin’s budget.
Twelfth EU sanctions package
More than a hundred natural persons and several dozen legal entities can participate in the new package. The issues of banning the employment of Russians in the so-called sensitive sectors and the repatriation of Russian assets to the European Union.
As Bloomberg revealed, exports to Russia will be banned, among other things. welding machines, chemicals, defense technologies and software licenses. In addition, companies in European Union member states will not be able to import metal and aluminum products from the Russian Federation. The EU is also considering imposing sanctions to ensure Moscow adheres to the $60 per barrel oil price ceiling.
Last week, the European Union held consultations on the twelfth package of sanctions against Russia for the attack on Ukraine. Individual EU member states presented their proposals. Lithuania has proposed including a ban on the supply of central heating radiators, nails, nuts, buttons, sewing needles and knitting needles to Russia in the twelfth package of EU sanctions. Estonia, in turn, is pursuing a complete trade embargo. However, Poland’s priority is to ban the import of diamonds from Russia.
The European Union last imposed sanctions on the Russian Federation at the end of June.
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
