EU debates trade restrictions worth 11 billion euros as new Russia sanctions

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15th Feb, 2023. 06:52 pm
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Representatives from the EU’s 27 member states will meet in Brussels on Wednesday.
On the one-year anniversary of Russia’s invasion of Ukraine on February 24.
Further restrictions on EU exports to Russia were intended to limit Moscow’s ability to manufacture arms.

Representatives from the EU’s 27 member states will meet in Brussels on Wednesday to discuss a new round of sanctions against Russia, which the head of the bloc’s executive said could cost 11 billion euros ($11.8 billion) in lost trade.

On the one-year anniversary of Russia’s invasion of Ukraine on February 24, the EU is expected to agree on new sanctions, but the specific proposals must still receive unanimous support from all EU member states.

“We are weakening Russia’s ability to maintain its war machine. We have adopted nine packages of sanctions, the Russian economy is shrinking,” European Commission President Ursula von der Leyen said. “We need to keep up the pressure,” she told the European Parliament ahead of the closed-door talks among the 27 national envoys in Brussels.

“We’re talking about 11 billion euro. We are suggesting restrictions on some dual-use and electronic components used in Russian armed systems such as drones and missiles and helicopters,” she said, describing the looming 10th sanctions package, which could also target Iran for helping Russia’s war.

“There are also hundreds of drones manufactured in Iran, used by Russia, in the battlefield in Ukraine. These Iranian drones kill Ukrainian civilians… so for the first time we are also suggesting sanctions targeting Iranian economic operators including those linked to the Revolutionary Guards.”

According to two EU diplomatic sources who spoke on the condition of anonymity, the Commission has proposed that four more Russian banks, including the private Alfa-Bank, the online bank Tinkoff, and the commercial lender Rosbank , be removed from the global messaging system .

According to people familiar with the confidential talks, rubber and asphalt would be added to the EU’s list of prohibited Russian imports, and the bloc would ban Russia Today’s Arabic service from its territory.

Further restrictions on EU exports to Russia were intended to limit Moscow’s ability to manufacture arms and equipment used against Ukraine.

According to the sources, they will include electronic circuits and components, thermal cameras, radios, and heavy vehicles, as well as steel and aluminium used in construction and machinery for industrial and construction purposes.

They also stated that the Commission proposed additional restrictions on European joint ventures with Russia and Russian nationals serving on European boards.

The EU intends to broaden its sanctions against Russia while also closing gaps in existing sanctions, including tighter controls on selling satellite data to China, which sources say could be passed on to Russia.

EU nations are also considering additional reporting obligations to better track Russian assets in Europe as they seek ways to use those frozen under sanctions to fund Ukraine’s post-war reconstruction.

EU debates trade restrictions worth 11 billion euros as new Russia sanctions

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