EU Announces 5th Round of Sanctions on Russia
European Commission President Ursula von der Leyen announced in an April 5 speech in Strasbourg the scope of the EU's fifth round of sanctions on Russia following its invasion of Ukraine, according to prepared remarks. The sanctions consist of "six pillars" along with a host of restrictions on individuals close to the Russian regime.
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The six pillars are: (1) an import ban on Russian coal, (2) a full transaction ban on four Russian banks including Russia's second-largest bank VTB, (3) a ban on Russian-owned and Russian-operated vessels from accessing EU ports with limited exceptions, (4) greater export bans on strategic goods such as semiconductors and transportation equipment, (5) new import bans on goods ranging from wood to cement to "close loopholes between Russia and Belarus" and (6) a range of "targeted measures" including a ban on participation of Russian comapnies in public procurment in Member States or exlcusion of all financial support to Russian public bodies.
The transaction ban on the four Russian banks -- of which Von der Leyen only named VTB -- will cover 23% of the Russian banking sector's market share. The exemptions under the third pillar, the ban on Russian vessels from EU ports, will cover "essentials" including agricultural and food products, humanitarian aid and energy. Other moves under this pillar consist of a ban on Russian and Belarusian road transport operators, she said.
In addition to the fifth wave's six pillars, Von der Leyen said that more restrictions, likely in the form of asset freezes and travel bans, will be levied against more Russian individuals. She also announced that even greater restrictions are on the way, "including on oil imports" and some ideas that member states have put forth, like "taxes or specific payment channels such as an escrow account."