Polski
русский
Українська

Diamonds and technology are a priority: Bloomberg revealed EU's plans for the 12th package of sanctions against Russia

Volodymyr PaziyNews
What restrictions will be included in the 12th package of EU sanctions against Russia?
What restrictions will be included in the 12th package of EU sanctions against Russia?

The European Union (EU) is considering a new package of sanctions against the terrorist state of Russia, which will cost it about 5 billion euros in trade. The 12th package would tighten restrictions on Russia's sources of income and industry and limit the Kremlin's ability to supply the war machine. The new set of proposed measures includes restrictions on the export of welding machines, chemicals, and other technologies used for military purposes.

Bans on software licenses and restrictions on imports of small quantities of processed metals and aluminum products, construction products, transportation goods, and diamonds are also being considered. This is stated in the material of Bloomberg.

The ban on diamonds depends on the G7 agreement to track gems across borders. The introduction of this measure is expected to be completed shortly.

The European Commission (EC) started consultations with the member states of the Euro bloc back in October. The proposals are still subject to change before they are formally presented for approval.

In addition, the sanctions package aims to disrupt Russia's ability to circumvent existing bans through third countries, where it gains access to components, technologies, and electronics used in or for weapons in Ukraine. The EU is seeking to add more goods to the existing transit ban and list additional companies in third countries if those countries fail to crack down on the firms, the people said.

According to Politico, the most striking aspect of the new package is the EU's ban on Russian diamonds. According to diplomats, the bloc also intends to introduce additional measures to combat sanctions circumvention.

One-third of the world's diamonds come from the Russian mining company Alrosa. Earlier, the EU refrained from a ban because Belgium feared that its global diamond center of Antwerp would be affected. Belgium then pushed for a new diamond tracking system through the G7.

The G7 is still discussing the technical implementation of such an indirect ban, but the EU could still move forward with its ban under this arrangement, another EU diplomat said. Discussions in EU countries on the European Commission's proposal could last from one week to the end of the year, 2 diplomats said.

As a reminder, the European Union has imposed 11 packages of sanctions against Russia since the full-scale invasion of Ukraine.

As OBOZ.UA previously reported, almost all Finnish companies have left the Russian market. Only 2% of export firms are currently continue business in the aggressor country.

Only verified information is available on OBOZ.UA Telegram and Viber. Do not fall for fakes!

Other News