EU prepares new sanctions package against Russia ahead of war’s two-year mark
The EU has begun discussing a new sanctions package against Russia. It is expected to be approved by February 24, the second anniversary of Russia's full-scale invasion of Ukraine
Bloomberg reported this.
Potential measures could include new lists of sanctioned persons and more trade restrictions. The sanctions will also aim to reduce Moscow's ability to circumvent the bloc's restrictions both through third countries and through companies within the EU.
The article states that possible sanctions were discussed on January 18 at a meeting of the bloc's ambassadors, where member states discussed how to support Ukraine in the long term.
“But reaching agreement over a 13th round of sanctions by next month won’t be easy, as the last one required weeks of negotiations,” Bloomberg writes.
At the same time, the EU is discussing plans to create a new fund for military support for Ukraine - some EU countries want to use it to modernize the funding mechanism known as the European Peace Fund.
The European External Action Service proposed to provide the fund with about EUR 5 billion, but failed to reach an agreement with member states. Bloomberg's sources say that officials will soon present a new document with proposals to member states.
- On December 18, the European Union approved the 12th sanctions package against Russia. It contains a ban on the direct or indirect import, purchase or transfer of diamonds from Russia. This ban applies to diamonds originating in Russia, diamonds exported from Russia, diamonds transiting through Russia, and Russian diamonds processed in third countries.
- In addition, starting from January 1, 2024, a direct ban applies to non-industrial natural and synthetic diamonds and diamond jewelry. There is also an indirect ban on imports of Russian diamonds during processing (i.e. cutting and/or polishing) in third countries, including jewelry containing diamonds originating in Russia. It will be gradually introduced from March 1, 2024 to September 1, 2024.