EU takes aim at key exports to Russia in new sanctions - Bloomberg

This is reported by Bloomberg with reference to relevant internal EU documents, Ukrinform saw.

The EU also proposes to add chemicals, lithium batteries, thermostats, engines, and servomotors for drones to the list of designated goods.

It is noted that the package includes the long-awaited ban on Russian diamonds from January 1, as well as the gradual introduction of an indirect ban on the import of Russian diamonds processed in third countries. The ban is consistent with the G7 agenda.

The proposal is part of the EU's 12th sanctions package, which also includes measures to better enforce price caps on Russian oil. Member states are set to discuss the proposals this week. They could also be amended before they get the final approval.

The main goal of the new sanctions package is to further stifle the Kremlin's ability to circumvent EU sanctions and sponsor its war machine, as well as cut Moscow's sources of revenue.

The new package of sanctions is expected to affect Russia’s exports and imports by approximately EUR 5 billion.

If the proposals are approved, more than 30 entities will be added to the list of organizations with which trade will be restricted, including firms in Kazakhstan, Uzbekistan, and Singapore, as well as a few Russian engineering companies.

As Ukrinform reported earlier, EU High Representative Josep Borrell said the European Union was finalizing the 12th sanctions package, which will include additional restrictive measures against individuals, stricter rules to limit the price cap for Russian oil, as well as a ban on the import of Russian diamonds to the European market.

On November 15, Brussels will host a meeting of the EU General Affairs Council, which will consider a package of documents that will be presented to EU heads of state and government in December.