EU intends to introduce additional in trade restrictions against Russia for $5.3 bln

NEW YORK:  The European Union is expected to impose trade restrictions worth $5.3 bln as part of the 12th package of sanctions against Russi...


NEW YORK:  The European Union is expected to impose trade restrictions worth $5.3 bln as part of the 12th package of sanctions against Russia, Bloomberg reported.

According to Bloomberg sources, the new planned restrictions will affect exports of welding equipment, chemical products, and other military-related technologies. The community is also considering banning software licenses and imports of some processed metals, aluminum and building items, transportation products, and gemstones.

The latest EU sanctions list is expected to include more than 100 individuals and 40 business entities.

According to agency’s sources, the EU seeks to persuade European corporations to include restrictions in contracts with foreign nations prohibiting the transfer of equipment that can be used for military reasons to Russia. The question of a ban on the return of Russian assets stored in the community, as well as restrictions on Russian citizens' involvement in key areas, was also discussed.

The topic of a price cap on Russian oil is also on the community's agenda. As previously stated, the parties are investigating measures for more effective compliance with this provision. In particular, it was proposed to strengthen the transparency of forming oil prices and to limit dealings with sanctioned boats.

According to Bloomberg, these measures are still subject to revision and will require unanimous support from all 27 member countries.


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Local Glob: EU intends to introduce additional in trade restrictions against Russia for $5.3 bln
EU intends to introduce additional in trade restrictions against Russia for $5.3 bln
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