The bloc is discussing a 10th sanctions package against
Russia
EU also proposes sanctions on Alfa Bank, Rosbank, Tinkoff Bank
February 15, 2023 at 5:54 AM GMT+7 Updated onFebruary 15, 2023 at 9:28 PM GMT+7
(Feb 15):
The European Union is poised to force banks to report information on Russian
Central Bank assets as part of the bloc’s latest sanctions package targeting
Moscow for its war in Ukraine, according to draft proposals seen by Bloomberg.
Getting a handle
on the scale of central bank and other sanctioned state-backed assets that have
been immobilised in the EU is seen as a first step to exploring options to
potentially using those funds to contribute to Ukraine’s reconstruction.
The European
Commission, the bloc’s executive arm, also proposed strengthening the reporting
obligations on frozen assets linked to sanctioned Russian companies and
individuals, and suggested fines — of as much as €50,000 for individuals and
10% of annual turnover for entities — to be imposed for failure to provide the
required information, the documents say.
Commission President Ursula von der Leyen said on Wednesday
that the EU’s new sanctions package would target €11 billion worth of goods via
trade bans and technology controls.
Some predicted Ukraine would fall in a few days.
— Ursula von der Leyen (@vonderleyen) February 15, 2023
But the Ukrainians' legendary bravery stunned the world.
One year on, Putin's imperial fantasies have woken up to a bleak reality, while Ukraine’s dreams are stronger than ever.
Ukraine will prevail.
https://t.co/GEe9HYTCq4
“We propose,
among other things export restrictions on multiple electronic components used
in Russian armed systems — such as drones, missiles, helicopters,” she told the
European Parliament. She said the bloc will also sanction Iranian entities,
including those linked to Iran’s Revolutionary Guard, as it seeks to halt
Tehran’s provision of drones to Russia.
The EU is aiming
to adopt its 10th package of sanctions next week ahead of the one-year mark of
the Russian invasion. European leaders have also sought to boost support for
Kyiv — through weapons pledges and meetings with Ukrainian President Volodymyr
Zelenskiy — before renewed offensives in the coming weeks.
The latest suite
of measures would also introduce extensive trade restrictions on goods used by
Russia’s military, including technologies, components, heavy vehicles,
electronics, and rare earths. The EU is also proposing a ban on goods from
transiting through Russia to lower the risk of sanctions being breached and to
introduce import restrictions into the EU of Russian rubber and asphalt.
The EU is also
looking to sanction dozens of individuals and entities, including politicians
and military personnel, as well as:
·
Alfa
Bank, Rosbank and Tinkoff Bank JSC, as well as the National Wealth Fund of the
Russian Federation
·
Media
groups that have engaged in propaganda in support of aggression against Ukraine
·
A
Russian reinsurer of ships exporting Russian oil
·
A
UK-registered shipping company accused of using its vessels to transport stolen
Ukrainian grain on behalf of Russia.
The reinsurance
company is controlled by the Bank of Russia, which since the war has more than
tripled the capital available to the firm to 300 billion roubles (US$4.1
billion), according to one of the drafts. In turn, the reinsurance firm
provides services and guarantees to a Russian insurance company that the EU is
also looking to sanction. The insurance and reinsurance are being used by
Russian ships and cargoes to redirect their oil to countries such as India
after European firms withdrew their services, one of the documents says.
Critical
infrastructure
The proposed
measures will be discussed by member states this week and may change before the
package is approved. EU sanctions need the backing of all member states to be
adopted.
Other proposals
include an extension of the suspension of the broadcasting licences of media
outlets controlled by the Russian state and which are accused of spreading
propaganda, and manipulating and distorting facts, targeting the EU and its
neighbours.
The EU also
wants to restrict Russian nationals from holding posts in the governing bodies
of the operators of critical European infrastructures and entities, according
to the documents. EU citizens would be exempt from the provision.
Similarly, the
package of sanctions, if approved, would prohibit providing gas storage
capacity to Russian nationals and residents, as well as entities established in
Russia.
The EU’s
sanctions are finally starting to make a real impact on Russia’s economy,
limiting its revenues and constraining its trade, the bloc’s foreign policy
chief, Josep Borell, told the European Parliament on Wednesday.
“The sanctions
are a slow-action poison, a little bit like arsenic,” he said. “It takes time
to take an effect.”
https://www.bloomberg.com
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