Discussions On 12th Sanctions Package To Start Next Week-Officials

Reuters reporting that EU officials have stated that discussions will begin next week among permanent representatives regarding the Commission's proposals for a twelfth round of sanctions on Russia in response to Moscow's invasion of Ukraine. The latest round is set to focus on Russia's sizeable diamond industry, with the intention of further limiting Moscow's ability to fund its war effort.

• High Representative for Foreign Affairs Josep Borrell said to the FTearlier on 8 Nov that the G7 had given its approval for such measures. G7 support was crucial for what Borrell called 'political cover' for EU nations - notably diamond trading hub Belgium - to back sanctions. Next week's Coreper II meetings of EU ambassadors on 15-16 Nov could be the first opportunity for member states to debate any new sanctions.
• Reuters: "Commission President Ursula von der Leyen has said the bloc would look at banning Russian diamonds, freezing assets and imposing travel restrictions on 100 new individuals, and at tightening the implementation of the G7's $60 per barrel price cap on Russian oil."
• On 8 Nov, the UK imposed its own sanctions on individuals and entities linked to the Russian oil and gold sectors. Reuters: "Britain sanctioned energy trading firm Paramount Energy & Commodities DMCC, saying its opaque ownership structures have been used by Russia to blunt the impact of the G7's oil-related sanctions. The latest sanctions are meant to block individuals and entities from helping Russia evade the impact of international sanctions, Britain said."