News Global Market sanctions 07 December 2022
It is proposed to add a ban on new investments in the Russian mining sector to the ninth package of sanctions
The European Commission (EC) proposes to add to a new set of sanctions against the Russian Federation, aimed at undermining Moscow’s ability to finance the war against Ukraine, a ban on new investments in the Russian mining industry. Reuters about it.
The ban will be part of the ninth package of sanctions of the European Union, which will be discussed with the member states in the near future. A new package of sanctions is expected to be agreed by the end of next week.
The ninth package of sanctions could also include controls on the export of civilian technology that, Brussels believes, Russia uses to support its weapons factories, as well as a ban on transactions with three more Russian banks. In addition, sanctions will be imposed against another 180 Russians.
At the beginning of October 2022, the European Union approved the eighth package of sanctions against Russia due to military aggression on the territory of Ukraine. The new package of sanctions provides for restrictions on imports from the Russian Federation of finished products and semi-finished steel products, as well as restrictions on oil prices. In general, the sanctions of this package include a ban on the import of Russian products into the EU in the amount of €7 billion.
As GMK Center reported, in July 2022 the heads of the EU member states’ ministries of foreign affairs agreed on the seventh package of sanctions against Russia because of the war against Ukraine. It is, in particular, about the ban on the import of Russian gold. This package includes the following restrictions:
- a ban on the import of Russian gold, including the jewelry;
- new export controls;
- freezing the European assets of Sberbank;
- sanctions against more than 50 individuals and legal entities.