New Sanction List Includes Coal Import Ban, But O&G Left Out

European Commission President Ursula von der Leyen has set out the Commission proposals for a fifth round of sanctions to be imposed on Russia.

• Link to VdL statement: https://ec.europa.eu/commission/presscorner/detail...
• List of new sanctions, taken from statement, include:
  • Import ban on coal from Russia, worth EUR 4 billion per year.
  • Full transaction ban on four key Russian banks, among them VTB. These four banks represent 23% of market share in the Russian banking sector.
  • Ban on Russian vessels and Russian-operated vessels from accessing EU ports. Certain exemptions will cover essentials, such as agricultural and food products, humanitarian aid as well as energy.
  • Targeted export bans, worth EUR 10 billion, in areas in which Russia is vulnerable. This includes, for example, quantum computers and advanced semiconductors, but also sensitive machinery and transportation equipment.
  • New import bans, worth EUR 5.5 billion, on products from wood to cement, from seafood to liquor.
  • Targeted measures, such as a general EU ban on participation of Russian companies in public procurement in Member States, or an exclusion of all financial support to Russian public bodies.
• Oil not included, but VdL states "We are working on additional sanctions, including on oil imports". No mention of gas at all.