The European Commission proposed 7 new sanctions against Russia after the invasion of Ukraine, and below you can see how the European Union wants to affect the country's economy even more in the coming months, or maybe the next years, depending on how long the war will last.
The European Commission is proposing quite harsh sanctions against Russia, this after imposing others in March that affected the country's economy to a certain extent, so it remains to be seen what will happen in the case of these new ones.
"Today, we proposed the fifth package of sanctions against Russia and Belarus. It contains:
- a ban on coal imports from Russia, worth EUR 4 billion a year, which eliminates another important source of income for Russia.
- total ban on transactions for 4 major Russian banks, including VTB, the 2nd largest Russian bank.
- blocking access of Russian or Russian-operated vessels to EU ports and a ban on road transport operators from Russia and Belarus.
- further export bans, worth EUR 10 billion, in key areas: semiconductors, machinery and advanced transport equipment
- new specific import bans amounting to €5,5 billion.
- specific measures, such as banning Russian companies from participating in public procurement in the EU and excluding any financial support given to Russian public entities by the European Union or any member state.
- the inclusion of new persons on the lists of those sanctioned."
