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Imports of Russian Coal And Ships Into EU Ports Proposed by European Commission

Haiden Holmes

Apr 06, 2022 09:23

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"We have all seen the heinous images from Bucha and other regions just liberated by Russian soldiers. These crimes cannot be allowed to go unpunished, and they will not be "Ursula von der Leyen, the executive director of the European Union, said this.


"The four sanctions packages have been particularly painful on the Kremlin and have severely constrained its political and economic alternatives. We need to boost our pressure even further in light of recent events "She said this in a Twitter address (NYSE:TWTR).


She said that the idea included a four-billion-euro annual ban on coal imports from Russia and a complete prohibition on four major Russian banks, including the country's second-largest, VTB.


"We are developing new sanctions, including on oil imports, and we are considering some of the member states' proposals, such as levies or alternative payment channels such as an escrow account," von der Leyen added.


Additionally, the EU will prohibit Russian boats and Russian-operated vessels from entering EU ports, with exceptions for agricultural and food supplies, humanitarian relief, and energy.


In addition, the EU will restrict Russian and Belarusian road transport operators and will prohibit the sale to Russia of quantum computers, sophisticated semiconductors, sensitive machinery, and transportation equipment valued at ten billion euros per year.


Von der Leyen said that the 27-nation bloc would also suspend imports of Russian timber and cement, as well as seafood and alcoholic beverages worth a combined 5.5 billion euros per year.


It will bar Russian firms from participating in EU public procurement contracts and add further persons to a list of individuals whose EU assets will be frozen and who will be denied entry.


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