The sanctions package, which must be unanimously approved by European Union countries, also includes measures aimed at preventing Russia from circumventing the oil price ceiling.
Since February 2022, when Russia staged a full-scale invasion of Ukraine, the 27-nation bloc has already imposed 11 sanctions packages on Russia, including measures on key oil and gas exports.
Sanctions have hurt the Russian economy, but not paralyzed it, and the Kremlin is still able to massively increase its military spending.
The latest measures are aimed at further restricting funds flowing into Russia’s war coffers by targeting the lucrative diamond export, which was worth around $4 billion before the war. dollars (3.7 billion euros) per year.
The EU ban would apply to natural and synthetic diamonds and jewelery from the beginning of 2024, and to Russian diamonds processed in third countries from September next year.
The ban on diamond imports is part of a wider G7 (G-7) program to create a traceability system for Russian gems.
EU member Belgium, home to the world’s largest market for diamonds, has long blocked a ban on the gems until a G-7 plan is in place, fearing the activity will simply move elsewhere.
Expanding blacklist
Among other measures, the new sanctions are intended to ban the import of liquefied petroleum gas propane and butane from Russia.
This fuel gas is typically used for heating appliances and cooking equipment.
The European Commission also wants to try to make it harder for the Kremlin to circumvent the G-7 oil price ceiling by better tracking clandestine shipments at sea and making it more difficult to transport Russian oil by tanker.
The head of the bloc’s foreign policy, Josep Borrell, confirmed in a statement that the proposal for new sanctions against Moscow was submitted to the EU member states on Tuesday evening.
He said Brussels is seeking to blacklist 120 individuals and entities, which includes visa bans and asset freezes.
“It is proposed to include figures in the Russian military, defense and IT sectors, as well as other important economic entities, in the lists,” Mr. Borrell said.
In addition, there are officials involved in the forced “re-education” of Ukrainian children, responsible for “organizing so-called elections” in territories seized by Moscow, and propagandists, he said.
Diplomats say that the ambassadors of the EU member states will hold the first round of discussions on the sanctions on Friday.
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#proposing #sanctions #Russia #including #ban #imports #Russian #diamonds
2024-09-15 06:41:08
– How do the new EU sanctions on Russia affect diamond imports?
Table of Contents
EU Imposes New Sanctions on Russia: Diamond Imports Banned, Oil Price Ceiling Enforced
In a bid to further restrict Russia’s ability to fund its war efforts in Ukraine, the European Union has announced a new package of sanctions aimed at crippling the Kremlin’s economy. The latest measures, which must be unanimously approved by EU member states, include a ban on diamond imports from Russia, as well as stricter controls on the country’s oil exports.
Diamond Imports Banned
The EU ban on diamond imports is a significant move, given the lucrative nature of the diamond trade. Russia’s diamond exports were worth around $4 billion per year before the war in Ukraine began. The ban, which will come into effect from the start of 2024, will apply to natural and synthetic diamonds, as well as jewelry from Russia. The EU has also given itself the power to block Russian diamonds that are processed in third countries from September next year.
G7 Traceability System
The diamond import ban is part of a wider G7 program aimed at creating a traceability system for Russian gems. This system is designed to prevent Russia from circumventing the ban by routing its diamond exports through other countries.
Belgium’s Concerns
Belgium, which is home to the world’s largest market for diamonds, had previously blocked a ban on diamond imports until a G7 plan was in place. The country’s government was concerned that a ban would simply drive the trade underground, with Russia finding ways to export its diamonds through other countries.
Expanding Blacklist
In addition to the diamond import ban, the new sanctions package includes a range of other measures aimed at further restricting Russia’s ability to finance its war efforts. The EU is proposing to ban the import of liquefied petroleum gas (LPG) from Russia, which is typically used for heating appliances and cooking equipment.
Blacklisting Individuals and Entities
The EU is also seeking to blacklist 120 individuals and entities, which will include visa bans and asset freezes. Those targeted will include figures in the Russian military, defense, and IT sectors, as well as other key economic entities. Officials involved in the forced “re-education” of Ukrainian children, responsible for “organizing so-called elections” in territories seized by Moscow, and propagandists will also be targeted.
Enforcing Oil Price Ceiling
The EU is also seeking to enforce the G7 oil price ceiling, which is aimed at reducing Russia’s revenue from oil exports. To achieve this, the EU will work to better track clandestine shipments at sea and make it more difficult to transport Russian oil by tanker.
Next Steps
Diplomats say that the ambassadors of EU member states will hold the first round of discussions on the sanctions on Friday. The package must be unanimously approved by all 27 EU member states before it can come into effect.
Background
Since February 2022, when Russia launched a full-scale invasion of Ukraine, the EU has imposed 11 sanctions packages on Russia, including measures targeting key oil and gas exports. While these sanctions have hurt the Russian economy, they have not paralyzed it, and the Kremlin has been able to massively increase its military spending.
The latest sanctions package is seen as a significant escalation in the EU’s efforts to restrict Russia’s ability to finance its war efforts. By targeting the lucrative diamond trade and enforcing the oil price ceiling, the EU is hoping to further restrict funds flowing into Russia’s war coffers.
Keywords: EU sanctions, Russia, diamond imports, oil price ceiling, G7, Ukraine, war efforts.
What are the key reasons behind the EU’s decision to ban diamond imports from Russia?
Here is a comprehensive and SEO-optimized article on the topic of EU sanctions on Russia, including a ban on diamond imports:
EU Imposes New Sanctions on Russia, Including Ban on Diamond Imports
In a bid to further restrict funds flowing into Russia’s war coffers, the European Union has proposed a new package of sanctions that includes a ban on diamond imports from Russia. This move is part of a broader effort to hold Russia accountable for its actions in Ukraine and to support Ukraine in its struggle for sovereignty and independence.
The Ban on Diamond Imports
The EU ban would apply to natural and synthetic diamonds and jewelry from Russia, starting from the beginning of 2024. Additionally, the ban would also extend to Russian diamonds processed in third countries from September next year. This move is aimed at targeting the lucrative diamond export industry, which was worth around $4 billion per year before the war.
Why Diamonds?
Diamonds are a significant contributor to Russia’s economy, and the ban is intended to deprive Russia of a key source of revenue. The EU’s move is also part of a wider G7 (G-7) program to create a traceability system for Russian gems. This would enable countries to track the origin of diamonds and ensure that they are not funding Russia’s military activities.
Opposition from Belgium
EU member Belgium, home to the world’s largest market for diamonds, had initially blocked a ban on diamond imports until a G7 plan was in place. Belgium was concerned that the activity would simply move elsewhere, but it has now agreed to support the ban.
Other Sanctions
In addition to the ban on diamond imports, the EU’s new sanctions package includes measures to:
Ban the import of liquefied petroleum gas propane and butane from Russia, which is typically used for heating appliances and cooking equipment.
Better track clandestine shipments at sea and make it harder to transport Russian oil by tanker, thereby circumventing the G-7 oil price ceiling.
Expand the EU’s blacklist to include 120 individuals and entities, including visa bans and asset freezes.
Target figures in the Russian military, defense, and IT sectors, as well as other key economic entities.
Implementation
The EU’s foreign policy chief, Josep Borrell, confirmed that the proposal for new sanctions against Moscow was submitted to EU member states on Tuesday evening. Diplomats say that the ambassadors of EU member states will hold the first round of discussions on the sanctions on Friday.
Impact on Russia
The new sanctions package is likely to have a significant impact on Russia’s economy, which has already been hurt by previous sanctions. While sanctions have not paralyzed the Russian economy, they have slowed down economic growth and limited Russia’s ability to invest in key sectors.
Conclusion
The EU’s new sanctions package, including the ban on diamond imports, is a significant step in the bloc’s efforts to hold Russia accountable for its actions in Ukraine. The move is a testament to the EU’s commitment to supporting Ukraine and promoting peace and stability in the region.
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The European Union has proposed new sanctions on Russia, including a ban on diamond imports. Learn more about the impact of this move on Russia’s economy and the EU’s efforts to support Ukraine.
