The European Union has unveiled a comprehensive 12th package of sanctions aimed at tightening measures against the Kremlin and its affiliates since the February 2022 invasion of Ukraine.
This ambitious proposal, pending approval by EU leaders at the December summit, seeks to add dozens of economic operators to the existing sanctions, as per AP News.
EU Proposes Sanctions on Russia
European Commission President Ursula von der Leyen holds a press conference at the EU headquarters in Brussels, on September 28, 2022. - The EU is proposing a new sanctions package against Russia, including an oil price cap, in response to the ongoing conflict in Ukraine and the recent referendum in occupied territories which European Commission President Ursula von der leyen qualified as a "sham".
The heart of the proposal is centered on choking off Russia's commercial revenues, with a primary focus on the lucrative diamond industry. Export restrictions on Russian diamonds, particularly those from Siberian mines, are in the spotlight.
Among the 47 individuals slated for additional sanctions are notable figures like Putin's cousin Anna Tsivileva and Ilya Medvedev, alleged to be involved in disinformation campaigns in Ukraine.
The inclusion of relatives of senior officials, including the Putin family, is expected to provoke ire in the Kremlin. The proposal, if accepted, could significantly impact Russia's finances, removing over €4.5 billion annually from Kremlin coffers.
A vital element of the sanctions involves a total ban on selling Russian rough diamonds and jewelry within the EU. This measure, previously in the works and now gaining traction, has been reinforced by Belgium's removal of objections, with the G7 supporting sanctions during a summit in Japan.
According to the proposal, the ban is part of a coordinated international effort to deprive Russia of a crucial revenue source. Representatives from G7 countries are assessing the proposed ban during a three-day visit to Antwerp.
Belgium's proposal to assign unique identifiers via blockchain records to diamonds over a specific size aims to differentiate legal from illegal diamonds, covering 80-90% of the world's diamonds, according to The Guardian.
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EU Traceability and Tanker Challenges
Challenges in introducing the traceability system have emerged, with large companies lobbying G7 countries to delay implementation. Additionally, the European Commission suggests new prohibitions on selling second hand tankers to counteract attempts to circumvent trade sanctions through covert ship-to-ship transfers.
The proposed sanctions extend beyond the diamond trade, targeting various sectors in Russia, including the arms industry, IT companies with ties to the FSB security services, and private military companies like the Wagner organization.
Companies accused of enabling the Russian war machine, such as AlfaStrakhovanie and the Ilyushin Aviation Complex, are also in the crosshairs.
The proposed sanctions include Belarusian officials for their alleged role in supplying arms to Russia and military cooperation. As outlined by Borrell's statement on the EU's official website, the package aims to expand restrictions against 120 Russian individuals and entities for undermining Ukraine's sovereignty.
The sanctions package also proposes new bans on imports and exports from Russia, measures to counteract the circumvention of EU sanctions, and additional restrictions on the oil price cap.
Finalizing this comprehensive package may take several weeks, with EU countries set to discuss the proposal on November 17. Bloomberg reports that the 12th round of sanctions could impact $5.3 billion worth of EU trade with Russia.
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