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EU announces 5th package of sanctions to be imposed on Russia


Ursula von der Leyen, President of the European Union Fee, introduced the contents of the 5th package of sanctions deliberate to be carried out towards Russia at this time.

Von der Leyen emphasised that the political and financial penalties of the 4 sanctions packages introduced by the EU affected Russia severely and said that the 5th sanctions package had 6 pillars.

Leyen, “First, we are going to impose an import ban of 4 billion euros a 12 months on coal imports from Russia. This may lower off one other necessary supply of revenue for Russia.” stated.

TRANSACTION PROHIBITION TO RUSSIA’S SECOND LARGEST BANK VTB

It was said {that a} full transaction ban will be imposed on 4 necessary Russian banks, together with VTB, Russia’s second largest financial institution, and these 4 banks characterize 23 p.c of the market share within the Russian banking sector. It was said that EU ports had been closed to Russian ships, apart from fundamental wants similar to agricultural and meals merchandise, humanitarian support and power, whereas Russian and Belarusian highway transport operators would be banned.

EXPORT OF IT PRODUCTS IS PROHIBITED

Ursula von der Leyen said that the EU is focusing on export bans value 10 billion euros in areas the place Russia is susceptible, stressing that this consists of quantum computer systems and superior semiconductors, in addition to precision equipment and transport gear.

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It was said that Russia and its oligarchs are focusing on particular new import bans value 5.5 billion euros to lower the stream of cash in merchandise from wooden to cement, seafood to liquor, whereas further sanctions, together with oil, will proceed to be labored on.

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