The European Union member states have unanimously approved a new package of sanctions against Russia in response to its ongoing war in Ukraine.
This decision was confirmed by a spokesperson on the sidelines of a summit in Brussels, led by Charles Michel, the President of the European Union.
The newly announced sanctions package includes twelve measures. Among them is a ban on importing diamonds from Russia, as well as a tightening of price caps on Russian oil exports to third countries.
However, the impact of these measures on Russia has been limited so far.
In addition to punitive measures against individuals and organizations supporting Russia’s war on Ukraine, the EU is also set to impose trade restrictions on other goods. These sanctions are scheduled to come into effect by Friday.
It’s worth noting that, unlike the UK, the European Union has not yet imposed a ban on importing diamonds and aluminum from Russia, primarily due to opposition from Belgium.
The coastal city of Antwerp, in particular, has been one of the world’s most important diamond trading centers since the sixteenth century.
Russia, on the other hand, is the world’s largest producer of raw diamonds. In 2021, Alrosa, the state-owned diamond mining company, reported revenues of 332 billion rubles (approximately 3 billion dollars).
In addition to economic sanctions, measures will be taken against over 100 individuals and organizations that support Russia’s war against Ukraine.
They will no longer be able to act on assets within the European Union or enter EU member states.
Before the approval of these sanctions, European Union countries, except Hungary, agreed to Ukraine’s request to begin talks on joining the European Union. This move signifies further support for Ukraine’s aspirations for closer ties with the EU.
