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  • Writer's pictureBy The Financial District

EU Proposes Sanctions That Include Ban On Russian Coal Exports

The European Commission said Tuesday it is proposing a fifth package of sanctions against Russia which aims to “cut even deeper into the Russian economy,” European Commission President Ursula von der Leyen said, Chris Liakos reported for CNN.

Photo Insert: A coal mine in Russia

The proposed measures include an import ban on coal from Russia worth 4 billion euros per year (or about $4.3 billion.) “This will cut another important revenue source for Russia,” von der Leyen said.

Another measure proposed by the commission was the full transaction ban on four key Russian banks, among them VTB, the second largest Russian bank as well as a ban on Russian vessels and Russian-operated vessels from accessing EU ports.

“Certain exemptions will cover essentials such as agricultural and food products, humanitarian aid as well as energy. We will propose a ban on Russian and Belarusian road transport operators. This ban will drastically limit the options for the Russian industry to obtain key goods,” von der Leyen said in a statement.

The new package of sanctions also proposes further targeted bans on exports to Russia, worth 10 billion euros (about $10.9 billion), including technology such as quantum computers and advanced semiconductors, but also sensitive machinery and transportation equipment.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

“We are working on additional sanctions, including on oil imports, and we are reflecting on some of the ideas presented by the Member States, such as taxes or specific payment channels such as an escrow account,” said the European Commission President.

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