European Commission President outlines six pillars of new round of sanctions against Russia

European Commission President outlines six pillars of new round of sanctions against Russia

President of the European Commission Ursula von der Leyen revealed the peculiarities of the EC proposals on the fifth package of sanctions against the Russian Federation over the invasion of Ukraine.

“It is important to sustain utmost pressure on Putin and the Russian government at this critical point. The four packages of sanctions have hit hard and limited the Kremlin's political and economic options. We are seeing tangible results. But clearly, in view of events, we need to increase our pressure further. Today, we are proposing to take our sanctions a step further,” Ursula von der Leyen stated, the website of the European Commission informs.

As noted, the fifth package of sanctions, which will cut even deeper in the Russian economy, has six pillars:

  • Import ban on coal from Russia, worth EUR 4 billion per year. This will cut another important revenue source for Russia
  • Full transaction ban on four key Russian banks, among them VTB, the second largest Russian bank. These four banks, which we now totally cut off from the markets, represent 23% of market share in the Russian banking sector
  • Ban on Russian vessels and Russian-operated vessels from accessing EU ports. Certain exemptions will cover essentials, such as agricultural and food products, humanitarian aid as well as energy. The European Commission also proposes a ban on Russian and Belarusian road transport operators
  • Further targeted export bans, worth EUR 10 billion, in areas in which Russia is vulnerable. This includes, for example, quantum computers and advanced semiconductors, but also sensitive machinery and transportation equipment
  • Specific new import bans to close loopholes between Russia and Belarus
  • Very targeted measures in public procurement in Member States, exclusion of all financial support, be it European or national, to Russian public bodies.

“Today, more than 40 countries apply sanctions like these. To take a clear stand is not only crucial for us in Europe, but also for the rest of the world. A clear stand against Putin's war of choice. A clear stand against the massacre of civilians. And a clear stand against the violation of the fundamental principles of the world order,” the European Commission President said.

Earlier, Prime Minister Denys Shmyhal thanked for the solidarity of united Europe with the Ukrainian people in view of the fifth package of sanctions against Russia.


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