Tags: eu russian sanctions on coal | vodka | vessels | ukraine war | trade | economy

EU Targets Coal, Vodka, Vessels in New Russian Sanctions Sweep

Russia
The monument "In Memory of Kuzbass Miners" in Kemerovo, Russia, in tribute to the miners and rescuers who died in the Listvyazhnaya coal mine accident, on Nov. 27, 2021 (Getty Images)

By    |   Tuesday, 05 April 2022 11:06 AM EDT

The European Commission proposed sweeping new sanctions against Russia on Tuesday including banning coal imports and halting trade worth nearly 20 billion euros ($22 billion) in retaliation over possible war crimes in Ukraine.

Europe was earlier considering a far broader list of goods and services to sanction, CNBC reported Tuesday. These included airplanes, steel products and luxury goods.

However, Europe remains divided on whether to sanction, outright, Russian oil and gas.

A European Commission official told CNBC that including energy in the sanctions would be crucial. "Obviously, there is a big component missing," the official said.

Germany Finance Minister Christian Lindner in Luxembourg Monday told CNBC: "We want to be, [in] short time, less dependent on Russian energy imports to the European Union. Germany will support further sanctions on Russia. We have to put more pressure on Putin, and we have to isolate Russia. We have to cut all economic relationships to Russia, but at the moment it is not possible to cut the gas supplies."

Here is a rundown of the measures that the European Union currently has on the table, which must be approved by all 27 EU states.

They could be adopted this week.

IMPORT BAN

The proposals include banning imports of coal, wood, cement, liquors and seafood worth about 9.5 billion euros ($10.4 billion) a year, according to the European Commission. A source said the restrictions would also hit caviar, vodka, rubber and chemicals.

Coal alone is worth 4 billion euros a year, the Commission said. As a comparison, the EU imported about 100 billion euros of oil and gas from Russia last year. The Commission said it was working on possible sanction on oil, as well.

EXPORT BAN

Brussels is proposing a ban on exports to Russia worth another 10 billion euros a year, including of advanced semiconductors, quantum computers, and other electrical and transport equipment. The export of technology for liquefied natural gas (LNG) would also be banned, according to a source.

SHIPPING

Russian vessels and trucks would be prevented from accessing the EU, further crippling trade. Energy products, food and medicines would be exempted, meaning for example that LNG cargoes from Russia would not be affected.

Applying the sanctions may be complicated, officials have repeatedly said because it is not always easy to identify the origin of a cargo ship.

The new sanctions would effectively halt transport of goods by road and sea. The EU has already banned air traffic with Russia.

RUSSIAN BANKS

The commission also proposed banning all transactions with VTB and another three Russian banks which have already been excluded from the SWIFT messaging system.

INDIVIDUALS

Thirty six more individuals, including oligarchs and politicians, will be added to the EU's sanctions list, according to an EU source. The existing sanctions list already comprises hundreds. In addition to this, separatist leaders would also be added.

COMPANIES

The Commission also proposed a ban on participation of Russian companies in public procurement in the EU and the exclusion of all financial support to Russian public bodies.

© 2025 Newsmax Finance. All rights reserved.


StreetTalk
The European Commission proposed sweeping new sanctions against Russia on Tuesday including banning coal imports and halting trade worth nearly 20 billion euros ($22 billion) in retaliation over possible war crimes in Ukraine.
eu russian sanctions on coal, vodka, vessels, ukraine war, trade, economy
504
2022-06-05
Tuesday, 05 April 2022 11:06 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved