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

EU-RUSSIA

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.
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