EU Adds 5th Wave of Russia Sanctions, Bans Import of Coal
The EU officially adopted its fifth round of sanctions on Russia over its invasion of Ukraine, banning the import or transfer of Russian coal and other solid fossil fuels. The EU ramped up pressure on Russia following atrocities committed in the Ukrainian city of Bucha, the European Council said April 8.
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The sanctions package includes a ban on coal imports currently worth more than $8.6 billion a year. The remaining restrictions involve (1) a ban on access to EU ports by Russian-flagged vessels and (2) a prohibition on Russian and Belarusian road transport engaged in transporting goods by road in the EU; (3) further export bans on strategic goods including jet fuel, quantum computers and advanced semiconductors; (4) new import bans on goods such as wood, cement, fertilizers, seafood and liquor; (5) "a full transaction ban" on four Russian banks, including VTB, representing 23% of the Russian banking market share; and (6) greater "targeted economic measures" including bans on Russian companies from public procurement bids, the exclusion of all financial support to Russian public entities, and a ban on deposits to crypto-wallets and sale of banknotes and transferrable securities denominated in any official currencies of the EU member states to Russia and Belarus or any person or entity in either Russia or Belarus.
Exceptions on access to EU ports for Russian ships and Russian and Belarusian road transport will be made for agricultural and food products, humanitarian aid and energy, the EC said. For EU road transport, exceptions will be made for pharmaceutical, medical and food products, including Russian wheat.
The EC also announced more individual sanctions placed on Russian oligarchs, businesspeople and Kremlin officials and Russian businesses. The restrictions will apply to individuals engaged in spreading misinformation about the war and family members of currently sanctioned individuals.
"These latest sanctions were adopted following the atrocities committed by Russian armed forces in Bucha and other places under Russian occupation," EU Foreign Affairs Representative Josep Borrell said. "The aim of our sanctions is to stop the reckless, inhuman and aggressive behaviour of the Russian troops and make clear to the decision makers in the Kremlin that their illegal aggression comes at a heavy cost."