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Sanctions: EU agrees on new measures against Russia

Sanctions: EU agrees on new measures against Russia

On the second anniversary of the war of aggression against Ukraine, the EU is introducing a new package of sanctions against Russia. But the decision is likely to be primarily a symbolic measure.

The EU imposes new sanctions on Russia on the second anniversary of the war in Ukraine. Representatives of the 27 member states agreed on Wednesday in Brussels to significantly expand the list of people and entities whose assets in the EU must be frozen. In addition, other companies that contribute to Russia’s military and technological strengthening or to the development of its defense and security sector should also be sanctioned. No more military-use goods and technologies will be allowed to be sold to them from the EU.

Most recently, the EU also used this instrument to target companies based in China, Uzbekistan, Iran and the United Arab Emirates and which are said to be involved in circumventing EU punitive measures.

The agreement between the representatives of the member states on what is now the 13th package of Russia sanctions must now be formalized in a written procedure, as the Belgian EU Council Presidency announced. The list of additionally affected people and companies will then be published in the EU Official Journal by the anniversary of the start of the war this Saturday. The sanctions package is seen as a symbol of the anniversary because it does not contain any new, far-reaching economic sanctions.

The latest package of sanctions is aimed at importing Russian raw materials and luxury goods

According to information from the German Press Agency, the new list will contain a total of three-digit numbers of positions. Listed persons are not only affected by asset freezes. Business is no longer allowed to be done with them and they are no longer allowed to enter the EU. This should happen by the anniversary this Saturday.

The last EU sanctions package against Russia to date included, among other things, the ban on importing diamonds and diamond jewelry from Russia into the European Union. There has long been a far-reaching import ban on crude oil, coal, steel, gold and luxury goods, as well as punitive measures against banks and financial institutions.

EU officials in Brussels also point out that it was only recently decided to confiscate proceeds from the custody of frozen Russian central bank funds for Ukraine. The agreed procedure envisages, as a first step, ensuring that the extraordinary income from the custody of assets of the Russian Central Bank is kept separately. In a second step, it is planned to forward part of the funds to Ukraine. However, further legal texts still need to be developed for this.

According to estimates, a sum in the billions could be incurred every year, since, according to the Commission, more than 210 billion euros from the Russian central bank have been frozen in the EU and the income from the custody of the capital is constantly increasing.

Source: Stern

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