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Wednesday, September 28, 2022

EU approves new set of sanctions on Russia

Russia Ukraine WarEU approves new set of sanctions on Russia

Brussels (Times Of Ocean)- France, which currently holds the presidency of the European Union, announced late Monday that the [western] bloc has approved a new set of sanctions against Russia over its invasion of Ukraine.

The French presidency says the fourth package of sanctions targets individuals, entities, as well as several sectors of Russian economy.

In a statement, the French presidency said that the EU “in consultation with our international partners, has approved a fourth package of sanctions targeting individuals and entities involved in the aggression against Ukraine, as well as several sectors of the Russian economy.”

The bloc also approved a declaration to the World Trade Organization (WTO) regarding the suspension of the most-favored-nation clause for Russia.

The exact details of the latest package of sanctions will be revealed only when they are published in the official journal of the EU.

The announcements came after European leaders stated at a summit in Versailles last week that the bloc is preparing a new round of tougher sanctions on Russia.

European Commission President Ursula von der Leyen said Friday that the bloc will work to “suspend Russia’s membership rights in leading multilateral financial institutions,” including the International Monetary Fund (IMF) and the World Bank.

“We will deny Russia the status of most-favored-nation in our markets. This will revoke important benefits that Russia enjoys as a WTO member,” said von der Leyen.

According to Leyen, Russian companies will no longer enjoy a privileged position in the EU as “we will ensure that Russia will not be able to obtain financing, loans, or any other benefits from those institutions.”

Also, she added that the bloc is working on preventing the “Russian state and its elites from using crypto assets to circumvent sanctions.”

Any EU luxury goods exported to Russia will be banned by the EU, she added.

Von der Leyen said imports of key iron and steel products from Russia will also be prohibited, adding the EU will propose a major ban on new European investments in Russia’s energy sector.

“This ban will cover all investments, technology transfers, financial services, etcetera for energy exploration and production,” she declared.

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